Restaurant Brands International (QSR) has announced plans to hire up to 10,000 workers for its Tim Hortons coffee chain that’s based primarily in Canada.
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The Toronto-based company, which also owns Burger King, said in a news release that it aims to recruit 10,000 “new, local team members” as the number of temporary foreign workers employed at its shops steadily declines.
The restaurant operator said that out of its 110,000 Tim Hortons employees, 4,000 were hired through the Temporary Foreign Worker program, a government initiative that allows employers to hire foreign nationals to fill temporary job openings. The program aims to help new arrivals to Canada find jobs. In recent years, Canada has scaled back the number of immigrants it is allowing into the country.
Rising Coffee Competition
The big employment push also comes as Tim Hortons faces growing competition in the retail coffee market. Rival Starbucks (SBUX) is in the midst of a successful turnaround plan that is drawing more Canadians into its store locations.
And privately held Dunkin’ Donuts recently announced plans to return to the Canadian market after exiting the country in 2018. Dunkin’ announced plans to open hundreds of new stores across Canada starting in the second half of this year, giving Tim Hortons new competition in the domestic market.
Comparing Coffee Stocks
Let’s do a head-to-head comparison of Starbucks and Restaurant Brands International’s stocks. As one can see in the chart below, each stock has a Moderate Buy rating based on consensus analyst recommendations. However, there appears to be upside potential in each stock based on the current share price.
