Tim Hortons is planning to open over 1,500 stores across China over the next 10 years.
“We have already seen Canada’s Chinese community embrace Tim Hortons and we now have the opportunity to bring the best of our Canadian brand to China with established partners who have expertise in the industry and the country,” says Tim Hortons president Alex Macedo in a press release.
The coffee and donut chain signed a joint venture agreement with global private equity firm Cartesian Capital Group to develop and open the new stores.
“Tim Hortons has a long, rich history of providing guests with quality food and premium coffee. We plan to expand that tradition to China, drawing on 20 years of experience building businesses in China and around the world,” says Peter Yu, managing partner of Cartesian.
In 2012, Cartesian partnered with Tim Hortons and Burger King parent company Restaurant Brands International to develop the Burger King brand in China. Now there are over 900 Burger King locations in China.
Tim Hortons has operated stores in the U.S. since 1984 and in the United Arab Emirates since 2011.
According to Statista, China’s coffee and tea consumption is expected to rise to 750,218 metric tons by 2020 from 693,748 in 2015.