TORONTO • It looks like a credit card combined with a coffee loyalty card. But CIBC’s new Double Double Visa card, a partnership with Tim Hortons, is also a flashy way to try to get more people to become clients of Canada’s fifth-largest bank.
David Williamson, group head of retail and business banking at Canadian Imperial Bank of Commerce (CIBC), said Wednesday he hopes “a new stream of clients will be coming through CIBC” as the card is rolled out at the nearly 3,500 Tim Hortons outlets in Canada.
Tim Hortons Inc. Chief Executive Officer Marc Caira said Canada’s largest coffee and doughnuts chain must succeed in the U.S. as competition brings slower growth at home.
“The U.S. for me is what I call a must-win battle,” Caira, 59, said in an interview today at a Tim Hortons coffee shop near the company’s Oakville, Ontario headquarters. Caira took over as CEO in July.
The future of Tim Hortons, one of this country’s most iconic brands, apparently rests on such Canadian classics as grilled panini and espresso-based specialty beverages. And the company that built its empire on convenience and ushering customers out the door quickly, is now hoping they’ll linger longer. To that end, big money is earmarked this year to refurbish 300 stores and a thousand drive through outlets. The baked goods and coffee giant has tinkered with its menu before.
TORONTO — As many as 100 head office employees are reported to have lost their jobs during ongoing restructuring at Tim Hortons Inc. as the company strives to realign its business structure.
The recent layoffs, which come at the end of a particularly competitive year for the coffee and baked goods giant, include company veteran Stephen Johnston, senior vice-president of development, and David Morelli, director of public affairs, though the company would not confirm the exact number.
All eyes will be on Tim Hortons on Tuesday as Canada’s biggest restaurant chain unveils its new five-year strategic plan to investors and analysts. After several years of pitched competition from McDonald’s Canada in the coffee category and slowing growth on its home turf, the market is keen to see what ideas new CEO Marc Caira has in store for the company.
OTTAWA — The federal Opposition on Monday called on the Harper government to stop credit card companies from charging businesses higher fees for using premium cards.
The call came as a federal competition tribunal prepared to rule on whether Visa and MasterCard are engaging in anti-competitive behaviour.
Small business groups hope the tribunal will recommend that Ottawa forbid the major credit card companies from forcing retailers to accept cards that carry higher payment processing fees.
Revenue and profit at Tim Hortons Inc. were hindered by tough competition and restructuring charges in the fourth quarter, but the company expects to see a boost in sales this year from new lunch products and an overhaul of its drive-thrus.
Revenue in the three months ended Dec. 31 rose thanks to the successful debut of a new Panini sandwich and single-serve Tassimo coffee line, climbing 4.1% to $811.6-million.
The Panini platform is an important part of our strategy to grow our share in the lunch day part
ByGary Jakacky:Dunkin Brands (DNKN) and Tim Hortons (THI) (the Canada based equivalent coffee shop, named after the former Montreal Canadiens defenceman) provide their respective nation's working classes with similar menus of doughnuts, bagels, and other baked goods, washed down of course by coffee and, these days, gourmet beverages such as lattes and