Canadian coffee chain Tim Hortons is set to launch in Singapore through an exclusive agreement with Marubeni’s Singapore-based subsidiary Marubeni Growth Capital Asia (MGCA), as part of its strategy to further expand its presence in Southeast Asia.
The Japanese trading group is also in talks with Tim Hortons Asia Pacific to take the chain into Malaysia and Indonesia.
According to Nikkei Asia, Marubeni will open stores in Singapore and Malaysia in the next fiscal year and in Indonesia in the fiscal year 2024. The Tokyo-based trading conglomerate plans to roll out “hundreds” of locations across the region in the next decade, aiming to reach US$300 million in revenue.
MGCA was founded as a new platform in Singapore to focus on investments in the broad consumer sector in Southeast Asia. The development and operation of Tim Hortons coffee shops mark the first investment in Southeast Asia led by Marubeni’s recently-established corporate development division.
Tim Hortons is owned by Restaurant Brands International which also owns fast food brands including Burger King and Popeyes. The coffee chain has more than 5600 stores in 14 countries.
Earlier this month, the Canadian coffee chain opened its first outlet in Pakistan through a franchise deal with local firm Blue Foods.