There are currently 3,295 Tim Hortons locations in Canada, and 714 in the U.S. Paul House, executive chairman, CEO and president, told attendees at the Raymond James Annual Institutional Investors Conference this week that there is an opportunity for the chain to hit 4,000 locations in Canada.

According to the Toronto Star, the company plans to open 155 to 175 new locations in the country, and 80 to 100 units in the U.S., this year alone.

Additionally, Tim Hortons, which debuted in the Middle East in 2011 and now has five locations in the United Arab Emirates, is planning to open 15 more locations in the Gulf Cooperation Council market (Saudi Arabia, Bahrain, Kuwait, Oman, Qatar and the UAE). The company hopes to have 120 locations in that region within five years.

Tim Hortons has 3,295 locations in Canada, 714 across 10 U.S. states in the northeast and midwest, and five locations in the United Arab Emirates.

House also talked about how new menu rollouts, including espressos and lattes, lasagna casserole, smoothies and specialty bagels, have increased the average check at stores so far this year. Also, panini sandwiches may be added to Canadian menus soon, as they've been tested in the U.S. throughout the past year.

During Tim Hortons' recent earnings call, the company announced it has increased capital expenditures to enhance design elements and continued restaurant development. The company is also planning to increase its drive-thru capacity in Canada, including initiatives such as selectively implementing order station relocations, double-order stations and double-lane drive-thrus.

Additionally, Tim Hortons' Canadian advertising fund will increase this year to expand the use of digital menu boards and new drive-thru rotating boards.

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