Japan’s Marubeni plans to open hundreds of Tim Hortons coffee shop franchises in three Southeast Asian countries, a move the trading conglomerate hopes will make around $300 million in sales by 2033.
Tim Hortons, headquartered in Canada, currently has over 5,600 locations worldwide. Marubeni signed an agreement with Tim Hortons’ parent company, Restaurant Brands International, to develop and operate the new coffee shops in Singapore, Malaysia, and Indonesia.
Marubeni plans to start opening franchises in Singapore and Malaysia in the next fiscal year beginning this April, while stores in Indonesia will begin opening in fiscal 2024. The plans will see hundreds of new Tim Hortons franchises in operation by 2033.
Marubeni will make use of its existing retail network in Southeast Asia to support operation of the new businesses, which will have menus tailored to local tastes. Currently, Marubeni chiefly operates stores that sell pharmaceuticals and cosmetics.
The Tim Hortons franchises will be the first businesses launched under a new corporate development division Marubeni established last year, focused on business growth in the Asian consumer market.
Going forward, Marubeni plans to position restaurant operations as a core segment of its business expansion ventures.