36Kr learned that Tim Hortons China, a Canadian national coffee brand, received an exclusive investment from Tencent, and after receiving this round of financing, Tims China will accelerate the opening of stores in the Chinese market.
Tim Hortons (Tims) is part of Restaurant Brands International Inc. (RBI), which was founded in 2015 as a very young international group but already owns long-established fast food chains including Burger King and Papes. In May 2018, Tims' parent company, RBI, and Cartesian Capital Group formed Tims China (or Tims China).
In February 2019, Tims opened its first store in Shanghai, China, officially entering the Chinese market. At present, the number of stores in the Chinese market has approached 50, most of which are also covered in cities such as Shanghai, Dalian and Zhengzhou.
Known as the "Legendary Café of North America", Tims is the number one restaurant chain in Canada's fast food industry. According to official RBI data, there are currently nearly 4,000 stores in Canada alone, selling more than 5 million cups of coffee every day, and 80% of Canadians visit at least once a month. Arguably, it is not only a Canadian coffee and bakery, but also a part of Canadian society and culture.
But in China, it's just getting started. In terms of store density, "newcomer" Tims China is far from brands such as Starbucks and Luckin. Therefore, its next most important strategy is still to open more stores. In an interview with 36Kr last December, Tims China revealed that it would open more than 1,500 stores across the country in the coming years.
Tims China revealed to 36Kr that the company currently plans to use the funds to further expand the construction of digital infrastructure, and cooperate with Tencent to explore the digital upgrade of online channels, while quickly opening more stores to meet the needs of consumers.
Specifically, regarding the cooperation between the two parties, Lu Yongchen, CEO of Tims China, said: "We are very pleased to receive investment from Tencent and look forward to tapping the huge potential of the Chinese coffee market. Tencent has built a unique platform that opens up consumers' online and offline lives, and we will accelerate digital innovation, including the use of WeChat Mini Programs, to bring customers a better consumer experience. ”
China's coffee industry is in the ascendant, and per capita consumption has a large room for growth relative to the international level, and is expected to continue to maintain double-digit growth every year. To conquer the Chinese market, Tims China has assembled an experienced local management team that will accelerate successfully validated store expansion, focusing on innovative products and services to optimize the online and offline customer experience.