Tims China opens its 700th Store and expands in China’s Northwest
July 06 2023 - 5:19PM
TH International Limited (“Tims” or “Tims China” (Nasdaq: THCH)),
the exclusive operator of Tim Hortons coffee shops and Popeyes
restaurants in China, announced that it has opened its 700th coffee
shop and expanded into China’s Northwest as part of its broader
growth plans.
The 700th store is the first in the northwest
city of Yinchuan and spearheads Tims’ continuing geographic
expansion across China. A city of nearly three million people,
Yinchuan is a fabled stop along the Silk Road, where Chinese and
Arab merchants have met and traded for centuries. Tims celebrated
the milestone opening with a festive celebration and traditional
lion dance, welcoming guests to witness the ribbon cutting and
taste Tims’ signature warmth.
Tims’ 700th Store Opening in Yinchuan
Accelerating growth through
franchising
The Yinchuan store is one of dozens of
franchised stores that Tims China is opening in June and July, a
key part of the company’s disciplined growth strategy to expand its
geographic reach to over 1,000 locations by the end of 2023.
Franchising allows Tims to develop stores at attractive locations,
with great local partners, and with greater capital efficiency.
Tims plans to open more stores in other underpenetrated cities in
the coming months to support its growth, demonstrated by its 16%+
monthly same-store sales growth from February through May of this
year.
Yongchen Lu, CEO of Tims China, said, “Our
development team did an amazing job with our 700th store in
Yinchuan. We designed this location to capture the unique culture
and contrasts of this special part of China, and we hope both local
guests and tourists feel that when they visit us. We look forward
to opening more stores in the region as we continue to expand.”
As another key 2023 milestone, Tims China
welcomed its addition to the MSCI China All Shares Small Cap Index
on May 31, 2023.
ABOUT TH INTERNATIONAL
LIMITED
TH International Limited (Nasdaq: THCH) (“Tims
China”) is the parent company of the exclusive master franchisees
of Tim Hortons coffee shops in mainland China, Hong Kong, and Macau
and Popeyes restaurants in mainland China and Macau. Tims China was
founded by Cartesian Capital Group and Tim Hortons Restaurants
International, a subsidiary of Restaurant Brands International
(TSX: QSR) (NYSE: QSR).
The company’s philosophy is rooted in
world-class execution and data-driven decision making and centered
on true local relevance, continuous innovation, genuine community,
and absolute convenience. For more information, please visit
ir.timschina.com.
Contacts
Public RelationsICR,
LLCTimsChinaPR@icrinc.com
Follow @TimHortonsChina
Photos accompanying this announcement are available at
https://www.globenewswire.com/NewsRoom/AttachmentNg/441a6263-13ad-47c5-aa0c-414cd70a76d3
https://www.globenewswire.com/NewsRoom/AttachmentNg/eca612ff-5bb0-4643-9cb2-aa67c7534a53
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