Forget a Justin Bieber collab — as Tim Hortons expands into its newest locale, it should be looking for a stamp of approval from Blackpink or BTS.
What happened: Tim Hortons opened its first-ever location in Seoul today and plans to open 150 more locations in South Korea within the next five years. It’s the seventh Asian country to get a Tims after China, India, Pakistan, Thailand, the Philippines, and Singapore.
Why it’s happening: Just like how we’re reliant on our daily double-double to get anything done in the morning, Tims is reliant on international expansion to fuel growth. It opened a net 39 new stores last quarter despite seven straight quarters of net store closures in Canada.
Why it matters: Asia, traditionally a tea-drinking region, has caught the java jive. Coffee consumption has grown faster there over the past five years than in regions like Europe and the U.S. It’s set to grow by 2.7% next year, the fastest pace outside of North America.
- Coffee-crazy Asian countries are now a priority for North American chains looking for international growth, with Starbucks planning to open 400 locations in Asia this year.
Big picture: China just topped the U.S. as the country with the most coffee shops, with the number growing by 58% this year. Overall, 6 of the 10 largest East Asian markets saw double-digit percentage growth of shops this year.—QH