Yahoo Finance Tim Hortons enters Singapore’s crowded coffee shop scene
By Harry Suhartono
(Bloomberg) — Tim Hortons opened its first outlet in Singapore Friday (17 November) as the iconic Canadian chain joins a host of coffee brands expanding in the wealthy city-state.
The new coffee shop is located at VivoCity mall at the southern tip of the island, a gateway to resort island Sentosa and next to the main port for seaborne visitors from Indonesia, according to a statement. Tim Hortons plan to open three more outlets in the country over the coming months.
The latest expansion is led by Marubeni Growth Capital Asia, a subsidiary of Marubeni Corporation, which also plans bring the chain to Malaysia and Indonesia within the next year.
Singapore, the third Southeast Asian country for Tim Hortons after the Philippines and Thailand, has seen a number of new coffee chains open in recent years, from China’s Luckin Coffee Inc. to Japan’s % Arabica and Kopi Kenangan of Indonesia.
Like other chains, Tim Hortons is betting on rising affluence among Asian consumers, with disposable income in the region set to surge about 60% through 2040 — the fastest globally. The city-state, a financial and trade hub, also sits near the heart of tea and coffee supply chains.
The firm has been expanding aggressively in China where it now has 700 stores, with a target of 2,750 outlets by 2026. Shares in the Chinese business — backed by Tencent Holdings Ltd. and Sequoia China — have struggled since going public on the Nasdaq, down 38% this year.
Started outside Toronto in 1964 by hall-of-fame ice hockey player Tim Horton, the chain is known as much for its donut-hole “timbits” as for its drip coffee and sandwiches. It’s part of Restaurant Brands International Inc., which also owns the Burger King and Popeyes brands.
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