Tim Hortons, a North American restaurant chain owned by Burger King, announced that it has entered into an exclusive master franchise joint venture agreement with Cartesian Capital Group, a private equity firm, in a plan to open over 1,500 Tim Hortons restaurants throughout China in the next decade. The expansion of the restaurant chain overseas seeks to capitalize on the increasing demand for North American junk food in the region.
Market research firms indicatethat China has seen an increase in coffee consumption among city dwellers and young citizens, this is part of what has helped the cafe industry see strong growth. The increase in caffeine consumption over recent years is due to lifestyle changes, people earning more income, and an increase in its city population, according to the firms.
"China's population and vibrant economy represent an excellent growth opportunity for Tim Hortons in the coming 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," Alex Macedo, President of Tim Hortons and Restaurant Brands International, said in a statement.
Tim Hortons currently has over 4,700 restaurants in Canada, the United States, and around the world.