REAL ESTATE

Tim Hortons to open 300 U.S. stores by 2018

BY Dan Berthiaume

Oakville, Canada – Tim Hortons is unveiling a strategic four-year growth plan for 2014-2018 called “Winning in the New Era.” The plan, which has specific segments for the Canada, U.S., and international markets, includes the opening of 300 new U.S. locations by 2018.

In addition to store expansion, the chain’s plan for the United States includes driving average unit volumes in existing restaurants and pursuing traditional franchising development. The company has signed its first development agreements consistent with this strategy, with close to 100 (mix of standard and non-standard) units over the next five years in: St. Louis, (40); Youngstown, Ohio, 25 (all non-standard to complement existing development); Fort Wayne, Ind. (15) and Fargo and Minot, N.D. (15).

In Canada, Tim Hortons said it will use technology to aggregate customer insights and connect and transact with them in new and innovative ways, deliver differentiated innovation in products and services using customer insights to anticipate and act upon evolving needs and expectations, narrow the gap between average check and the sector average, and open approximately 500 new net locations by 2018.

Internationally, Tim Hortons plans to expand up to 225 new locations in the Gulf Cooperation Council, refine existing market research, business assessments and views on market opportunities, and prioritize markets and develop due diligence to position itself to enter new international markets in 2015.

"We are setting out to be bold, different and daring,” said Marc Caira, president and CEO of Tim Hortons. “We envision a Tim Hortons that is one of the industry’s most consumer-centric brands, leveraging technology to build our understanding of emerging consumer insights and to connect with them in new and innovative ways. We are focusing on flawless execution and creating the ultimate guest experience. We are asserting our coffee and food leadership, simplifying our operations and pursuing differentiated innovation. Our team is aligned, focused and committed to strong execution and market leadership.”

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P.Siegel says:
Feb-26-2014 02:01 pm

Tim Hortons openings
This is good news! In my regular travels into and across Canada, Tim Horton's was always the place to stop for reliable, tasty and reasonably priced meals. Paul Siegel Cleveland,Ohio

P.Siegel says:
Feb-26-2014 02:01 pm

This is good news! In my regular travels into and across Canada, Tim Horton's was always the place to stop for reliable, tasty and reasonably priced meals. Paul Siegel Cleveland,Ohio

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News

EveryWare Global appoints interim CEO

BY CSA STAFF

EveryWare Global’s board of directors has named Sam Solomon as interim CEO. Solomon is succeeding John Sheppard, who left the company this week.

Solomon has more than 20 years of leadership experience in branded consumer, multichannel businesses, including Sears, the Coleman Company and Procter & Gamble. Most recently, he served as president of the Sears/Kmart tools, hardware and paint business where he was responsible for the Craftsman brand. Prior to Sears, Solomon served as president and CEO of the Coleman Company, a division of Jarden Corp., a global consumer products company, for seven years. At Coleman, Solomon led the company to double-digit sales and profit growth through innovative marketing, effective sales strategies, operational excellence and aggressive international expansion.

“Sam is an accomplished executive with a clear understanding of strategy, finance and operations in the branded consumer product industry,” said Daniel Collin, chairman of the board of directors at EveryWare. “We are confident that he brings the right management skills and leadership to ensure the company continues to execute its business strategy, including securing new customer wins in underserved channels, expanding the international and specialty segments, and identifying cross-selling opportunities in the foodservice segment. We look forward to working with Sam as EveryWare continues to grow and innovate. In addition, on behalf of the board, I would like to thank John for his contributions and wish him the best in his future endeavors.”

The board of directors has formed a search committee to evaluate candidates to serve as the company’s permanent CEO and has engaged executive search firm Korn Ferry to assist in the process. Solomon is a candidate in the search for a permanent EveryWare CEO.

“I am excited about EveryWare’s opportunity to build on its established and compelling business model. The Company has extensive avenues for growth that can be achieved by leveraging two of the most recognized brands in the tabletop industry, strong customer relationships and continued product innovation. I look forward to working with EveryWare’s customers, suppliers and team members,” added Solomon.

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FINANCE

Macy’s Q4 profit up 11% but sales miss; opening four new stores

BY Dan Berthiaume

New York – Macy’s Inc.’s fourth-quarter profit increased 11%, but the chain’s sales missed forecasts as ongoing winter storms caused a sales slump in January. The company also announced plans for new Macy’s stores in Sarasota, Fla.; Las Vegas; and The Bronx, N.Y., in fiscal 2014. A new Bloomingdale’s will open in Palo Alto, Calif., to replace an older store in the same shopping center.

Macy’s reported net income of $811 million during the fourth quarter, up 5% from $730 million in the same period a year earlier. Sales dropped 1.6% to $9.2 billion from $9.35 billion. Analysts had expected a more modest decline to about $9.28 billion. Same-store sales grew 1.4% for the quarter, less than the 2.5% projected by Wall Street.

During the full fiscal year, net income rose 19% to about $1.45 billion. Net sales totaled $27.93 million, up 0.9% from $27.69 million. Same-store sales increased 1.9%.

Although same-store sales in November and December 2013 rose 3.6% due to strong holiday performance, a worse-than-expected post-holiday slump in January 2014 led to Macy’s net sales loss for the quarter. Macy’s said severe weather resulted in 244 Macy’s and Bloomingdale’s stores across the country being shut at some point during the month.

Macy’s credited part of its net income growth to its ability to place more of the 2,500 employees who were laid off in January 2014 into new jobs than it had expected. In addition, Macy’s said its core business strategies, My Macy’s localization, Omni-channel integration and Magic Selling, which are known by the acronym of M.O.M, helped drive profitability and will continue to do so in the future.

“As has been the case since we began implementing these strategies in the 2008/2009 period, our competitive advantage is in the unique combination of localization, omni-channel and enhanced customer engagement,” said Terry J. Lundrgen, president, chairman and CEO of Macy’s. “Customers are able to shop for and buy the products that they want and prefer in our stores, via mobile devices and on computers in a shopping environment that delivers outstanding value and is supported with great service. “

The company is reiterating its annual sales and earning guidance, initially provided on January 8, 2014. Same-store sales growth in fiscal 2014 is expected in the range of 2.5-3%. Earnings of $4.40 to $4.50 per share are expected in 2014.

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