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Canada's Tim Hortons to open 1,500 stores in China

Reuters 

(Reuters) - Canadian chain is pushing into with plans to open 1,500 outlets in the world's second largest economy over the next 10 years, the company said on Wednesday.

Restaurant Brands, which owns as well as chains, said its Chinese restaurants will be opened under a master franchise joint venture with firm

"China's population and vibrant economy represent an excellent growth opportunity for in the coming years," said in a statement.

is a fast-growing market for chains such as Starbucks Corp, with local startups like Luckin also vying for share of the market amid a burgeoning cafe culture.

Starbucks already has more than 3,000 stores in China, and said in May that it aims to triple revenue and double cafe numbers to 6,000 by 2022.

Hortons, which has more than 4,700 outlets across the world, has seen sales fall over the past two years, with its brand reputation also taking a hit.

The chain was recently criticized for its reaction to minimum wage increases in Ontario, while a group of franchisees alleged that was not keeping to the terms of a 2014 deal to buy the chain.

In response, said in April it plans to spend C$700 million to revamp the

Hortons' partner in its China venture - Cartesian Capital - is already involved in Burger King's China operations.

(Reporting by in Bengaluru; editing by and Saumyadeb Chakrabarty)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, July 11 2018. 19:04 IST
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