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Just days after U.S. giant Dunkin' announced a major partnership to expand back into Canada, Tim Hortons has unveiled a $400-million growth and restaurant renovation plan across the country.
The announcement states 280 Tim Hortons owners will invest in 400 restaurant renovations, with another 60 owners investing in 80 new locations.
“Tim Hortons was built in Canada by Canadians, and we are proud to continue investing in Canada to give our guests beautiful, modern restaurants to enjoy. These are Canadian families investing their own money in their own communities and that’s something we’re proud of,” Axel Schwan, Tim Hortons president said in a press release.
The move comes after rival restaurant brand owner and operator Foodtastic said last week it will open hundreds of new Dunkin’ restaurants in Canada, and invest up to $1 billion to do so.
Costs shared between corporate, individual owners
According to the Tim's release, restaurant owners will pony up $270 million, while Tim Hortons corporate will invest an additional $130 million.
Some of the details of the renovations listed include:
- brighter, more beautiful restaurants;
- improved restaurant layouts;
- improved digital ordering and pick up; and
- upgraded kitchen equipment.
The company also placed an emphasis on celebrating its Canadian heritage, which comes from being in business more than 60 years, according to the company. The first Tim Hortons was opened in 1964 in Hamilton.
It also plans to upgrade its baked goods showcase. Tim Hortons restaurants sell the most baked goods of any QSR in Canada, said the firm.
The moves will add to its roster of 1,500 owners who own and operate 4,000 Tim Hortons restaurants.
In its most recent financial results, parent company Miami-based Restaurant Brands International (RBI) (QSR-T) reported US$338-million first-quarter profit, compared to US$159-million for last year’s similar period. Sales rose by 3.2 per cent at RBI, while for Tim Hortons — which represents 41 per cent of the firm’s profit — sales jumped by 1.6 per cent.
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