A senior corporate executive said on Monday that Tim Hortons, a Canadian fast food giant, planned to spend up to Rs 300 crore in opening roughly 120 shops in India over the next three years.
A top corporate executive indicated on Monday that the Canadian fast food restaurant brand Tim Hortons has plans to establish roughly 120 new sites in India over the course of the next three years and spend up to Rs 300 crore in the country.
The brand, which launched its first shops in India in August, is first focusing its attention on the Northern portion of the nation. Subsequently, it will extend its operations to other regions of the country.
The India CEO of the company, Navin Gurnaney, stated these things here in an interaction that took place on the sidelines of the Indian Restaurant Congress 2022. "The commitment that I made to the board is that in the first 36 months of operation, in the first three years, there'll be 120 stores," he said. "This is the commitment that I made to the board."
In the first year, the firm would focus on "building the foundation" by creating 20 new shops. He said that in the year that followed, they will open another 50 new stores, which means that the company may wind up surpassing their objective.
According to him, the next step will be the establishment of sixty more shops during the third year of the plan.
According to what he claimed, the corporation would own each and every one of these locations, and he also said that the "investment per store is between Rs 2 crore and Rs 2.5 crore."
At the moment, Tim Hortons operates out of six different sites, five of which are situated inside the Delhi-National Capital Region, and one of which can be found in Chandigarh. Gurnaney claims that before the end of this year, three more establishments will have opened their doors to customers.
"At the moment, we are focusing the majority of our attention on the northern area, which encompasses the states of Delhi and Punjab. However, by the beginning of summer or the end of spring, we will have extended our business activities to the cities of Mumbai, Pune, Surat, and Ahmedabad. There are going to be certain places that are located away from the roadway. To tell you the truth, there are a lot of different neighbourhoods inside Bangalore that we are thinking about "The chief executive officer (CEO) presented their point of view.
He went on to suggest that they would be situated in areas such as retail malls, high streets, airports, and office complexes, among other potential locations.
He said that he had an optimistic outlook on the Indian market. "It refers to the total quantity of money laid down by Indian shoppers. Any retail brand has the potential to succeed prima facie given the global aspirations, the number of industries that are coming to India and adding to people's ability to spend more, and the social media that makes them think differently globally; however, how well you execute will determine whether or not you do so ".
Comments