Tim Hortons has outlined its 2010 strategic objectives and expectations in conjunction with the filing of its 2009 Annual Report on March 4. The announcement follows the company's investor conference March 5, during which the company laid out its aggressive growth strategy.
The company's 2010 operational objectives include:
- Same-store sales target growth of 3 percent to 5 percent in Canada and 2 percent to 4 percent in the United States.
- To open a total of 170 to 210 restaurant locations: 130 to 150 restaurants in Canada and 40 to 60 U.S. locations. The majority of these locations will be standard restaurants. The targeted openings also include non-traditonal locations in both markets.
- To expand the number of co-branded Cold Stone Creamery concepts by working together with franchisees to convert up to 60 Tim Hortons locations to co-branded concepts, with 15 to 20 such conversions to occur in existing U.S. stores. Of the total planned 40 to 60 new U.S. restaurant openings, between 10 to 15 will be opened as co-branded Tim Hortons and Cold Stone Creamery locations.
- To test approximately 10 new concept restaurants in certain U.S. markets.
- To pilot new Canadian development models.
