Tim Hortons, the iconic Canadian coffee and donut chain, is expanding its reach in Asia, with plans to open locations in Singapore, Malaysia, and Indonesia. This move is being spearheaded by Marubeni Growth Capital Asia, a subsidiary of Marubeni Corporation. Singapore will be the third Southeast Asian country for Tim Hortons, following the Philippines and Thailand. The increasing affluence of Asian consumers, with disposable income projected to rise by 60% by 2040, has made it an attractive market for international coffee chains.
In China, Tim Hortons is aggressively expanding its presence, targeting 2,750 outlets by 2026. However, the Chinese business, backed by Tencent Holdings Ltd. and Sequoia China, has faced challenges since going public on the Nasdaq, with shares down 38% this year. The chain, founded in 1964 by ice hockey player Tim Horton, is not only known for its coffee and donuts but also its “timbits” and sandwiches. It is part of Restaurant Brands International Inc., which also owns Burger King and Popeyes. As Tim Hortons extends its footprint in Asia, it is expected to create more competition in the region’s thriving coffee market.
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