Tim Hortons (TSX:QSR) has officially opened its first restaurant in China.
The venerable Canadian coffee and doughnut chain that’s named after a former professional ice hockey player has opened an outlet in the People's Square in the heart of Shanghai, China. Tim Hortons says it is the first in what is expected to be a massive expansion into the world’s most populous country.
Last year, Tim Hortons announced that it plans to open 1,500 stores across China over the next decade. China is the main target of Tim Hortons expansion plans. The Shanghai Tim Hortons is the first in China under an exclusive master franchise joint agreement signed last year with the Cartesian Capital Group.
The new location in Shanghai will serve many of the chain's traditional offerings as well as some new food and drink options unique to the Chinese market. In addition to different tea flavours and hot espresso drinks, Tim Hortons will offer a new "salted egg yolk Timbit," the company said in a news release.
Tim Hortons has said that it is looking for growth overseas to compensate for stagnate growth in North America, notably Canada where the market is largely saturated with franchise outlets.
