Tims Coffee changed its name to "Tims Coffee"!

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Nowadays, not only Chinese local brands are gradually using Chinese names, but even Canadian national coffee brands will use Chinese names in order to dig deep into the Chinese market, thus it can be seen that the Chinese market is huge, not only for those who want to defend their own market, but also for foreign brands to strive for continuous deepening.

Recently, the official account of "Tims Coffee" has changed its name to "Tims Heavenly Coffee". This is the first time that Tims Coffee has been named in Chinese since it entered China. No official information has been revealed yet, but Tims Coffee said that the introduction of Chinese names is for better localization, deep cultivation of the Chinese market and a later entry into the sinking market, which will be officially announced at the end of this month or early next month, according to CCTV.

TimHortons is a Canadian national coffee brand, originated in 1964, legendary hockey player TimHorton opened the first TimHortons (Tims) restaurant in Hamilton, Ontario, Canada. Today, Tim Hortons has grown into a brand that sells more than 2 billion cups of coffee worldwide every year.

In 2018, RBI, the parent company of the world-famous coffee chain Tim Hortons, joined hands with Descartes Capital to set up Tims China because it was optimistic about the development prospect of China's coffee market. In February 2019, it opened its first store in Shanghai, officially entered the Chinese market, and opened its first store in Shanghai. According to public reports, Tims's team was completely localized when Tims Hortons entered the Chinese market, and the Chinese team named Tims for ease of memory.

In May 2020, Tims China received an investment of over 100 million RMB from Tencent. In February 2021, Tims China received another round of financing, led by Sequoia Capital China Fund, and Tencent increased its holdings. On September 29th, 2022, Tims China listed on NASDAQ by SPAC.

Tims China has been significantly different from its competitors in product mix, price positioning and store layout. In addition to coffee drinks, Tims China has also launched warm food products, such as bagels and sandwiches, which have been widely praised by consumers. in terms of price positioning, the main products are concentrated in the 15-30 yuan price band, which perfectly avoids the face-to-face confrontation with Starbucks and Lucky.

According to the first financial report after the listing of Tims China, total revenue reached 306 million yuan in the three months to September 30, 2022, an increase of 67.9 percent over the same period last year, with a net loss of 195 million yuan, an adjusted net loss of 87.5 million yuan and a net loss rate of 28.6 percent.

But in terms of the number of stores, Tims opened 46 new stores in the third quarter, basically one new store every two days. According to narrow door Dinner data, as of December 2, the number of Tims stores in China was 520. It is understood that when Tims China entered the Chinese market in 2019, its goal was to "open 1500 stores in 10 years", which is equivalent to opening 1500 stores in 2029. By August 2021, Tims China announced that its goal was to open 2750 stores by 2026.

Lu Yongchen, chief executive of Tims Coffee China, explained: "the increment of the opening target comes from the large enough domestic market. For example, when Tims China opened about 200 stores in Shanghai, we found that there was still a lot of room. When we landed, we found that there was a lot of demand and the stores performed well, exceeding our expectations."

From Tims Coffee's increasing store opening goals, accelerating distribution of the Chinese market, and now changing its official account from tims Coffee to "Tims Heavenly Coffee", it seems easy to see Tim Hortons's determination to cultivate Chinese coffee and sink the market.

Photo Source: Internet

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