This post is going to show a "winning" company who has pulled through a recession and still remains successful and prosperous today. I decided to choose the Canadian coffee chain Tim Horton's, run by Donald Schroeder, President and CEO.
Tim Horton's is North America's fourth largest quick-service restaurant chain, with restaurants in both Canada and the United States. There are 2939 outlets in Canada, and 536 in the United states, and the company continues to grow as it becomes more popular. Tim Horton's has always been a Canadian favorite, but the economy hasn't always been in the company's favor. Like all other organizations, recession has hit Tim Horton's and caused certain difficulties, but Tim's has overcome the hard times by doing a number of different things to keep business up and running.
The first thing I found out Tim's does to overcome recession is to continue to open new stores across the country. Most people would think that during a recession, this might not be the smartest move, but the CEO of the company believed differently and in turn became more of a success. The company opened new stores in high traffic areas like major cities in both Canada and the U.S. and opened various kiosks in office towers for easy access to those in a hurry. As well as opening new stores, Tim's has brought out new menu offerings and offered other chains in their restaurant such as Cold Stone Creamery Ice-Cream, which has helped them successfully sore through recessions.
After researching the company more on their website, their main reason for success is the road map of stores all over North America, and also being a well known brand. I found this report/article on their website highlighting most of the company's success during 2010. http://www.timhortons.com/ca/pdf/Tim_Hortons_Inc_2010_Annual_Report_on_Form_10-K(1).pdf
In this report, the CEO of the company states that "Looking Outside" and "Thinking Inside" is what has made the company such a success and positioned themselves to overcome challenges and opportunities.
Overall, Tim Horton's is one of the most successful Canadian born coffee chains out there. By developing new products and opening new stores across the Canada and the United States, they will continue to remain prosperous and popular.
*All information found on the Tim Horton's website: http://www.timhortons.com/ca/en/index.html; and the textbook: Essentials of Contemporary Management
Hi Carly,
ReplyDeleteI also covered Tim Horton's on my Blog for 6-2. I agree with your post and also think Tim Horton's is probably the most successful company during the recession.
They look at the recession everyone should: Everything is on sale (retail space, supplies, even employees), so let's take advantage and buy while prices are low!
Hi Stephan,
ReplyDeleteYa I totally agree! They've certainly set an example for other companies in the same industry. Also, buying during a recession is incredibly smart, it's like an investment!