Tims China is accelerating outlet growth across China, opening 200 stores in 12 months and posting surging half-year sales
Tims China's half-year revenues rose 70% year-on-year to reach $56m | Photo credit: Tim Hortons
Tims China, the operator of Tim Hortons in China, has opened its 500th outlet in the country after strong sales in the first half of 2022.
The Canadian coffee chain earned RMB 404 ($56m) over the last six months, representing 70% growth on the same period in 2021.
The 500th store milestone followed the opening of Tims China’s first site in Dongguan – part of the, the company’s strategy to grow its presence in new cities across China.
It also illustrates the brand’s rapid growth in the last 12 months, with the 300th Tims China store opening a year ago in October 2021.
Tims China, which launched its first store in 2019 in Shanghai, began trading on New York’s Nasdaq in September 2022 following a merger with special purpose acquisition company Silver Crest
According to Silver Crest, Tims China’s full-year revenues in 2019, 2020 and 2021 were $8.5m, $31.2m and $95m respectively.
“We have entered autumn in a very special way this year. Closely following our listing as a public company, we are pleased to announce our 500th coffee shop. This opening illustrates how we are going deeper into China to offer more guests a great coffee experience,” said Yongchen Lu, CEO, Tims China.
Alongside outlet growth Tims China is also targeting a stronger presence within retail locations in an effort to reach more Chinese consumers.
In August 2022, the company opened its first retail kiosk locations
ahead of further growth across Chinese convenience store chain Easy Joy’s 27,800-strong network of outlets. Tims China and Easy Joy have also begun developing co-branded ready-to-drink (RTD) retail coffee products.
Despite Tim Horton’s rapid growth in China, the coffee chain still trails market leaders Luckin Coffee
and Starbucks which operate 7,100 and 6,000 stores respectively.