Canadian coffee chain Tim Hortons is expanding its presence in Singapore and Southeast Asia through an exclusive agreement with Marubeni’s Subsidiary Marubeni Growth Capital Asia (MGCA).
Marubeni Corporation, a Japanese trading firm, has announced a deal with Restaurant Brands International which is the parent company of Tim Hortons. Marubeni will be responsible for bringing the Canadian coffee and donut chain to Singapore. Marubeni Growth Capital Asia (MGCA), based in Singapore, will lead the venture.
Marubeni is planning to open hundreds of stores in Singapore, Malaysia, and Indonesia in the next decade. Marubeni has a goal of achieving US $300 million in revenue. To achieve this goal, Marubeni’s plan is to open Tim Hortons stores in Singapore and Malaysia in the upcoming fiscal year and in Indonesia in 2024.
The agreement between the parties involved also includes potential plans to introduce the coffee brand to more of Southeast Asia pending regulatory approvals and finalized agreements. Tim Hortons is owned by Restaurant Brands International, one of the world’s largest Quick Service Restaurant franchisors.
The International Coffee Organization reports that the global trend of increased coffee consumption is expected to be particularly visible in Southeast Asia. This is Southeast Asia’s economic growth, rising income levels, and urbanization. The attitudes of Millennials and Gen Z consumers have also had an effect on this. Coffee shops are now seen as social spots. Furthermore, people have the convenience of fresh coffee and baked goods at all times due to online ordering and delivery services. This has changed the traditional role of coffee shops, making them the third place for social gatherings beyond work and the home.
Tim Hortons, the iconic Canadian coffee and baked goods restaurant chain, has been serving up quality coffee and fresh baked goods to customers around the world for nearly six decades. Since its inception in 1964, the chain has grown to include over 5,600 locations in 14 countries across the globe. MGCA aims to continue spreading Tim Hortons’ signature coffee to customers, as well as provide an international café experience featuring food tailored to local tastes.
