New Tim Hortons eyed in Lincoln

Posted Aug. 22, 2010, at 8:44 p.m.
Last modified Jan. 29, 2011, at 11:29 a.m.

LINCOLN, Maine — Representatives from the Tim Hortons coffee shop and restaurant franchise will be looking to secure a building permit today to open a new store on West Broadway, the town’s code enforcement officer said Friday.

Code Enforcement Officer Jerry Davis will meet with construction company representatives to review and possibly approve their plans to build the restaurant. The application does not need Planning Board approval, Davis said.

“It will create more jobs and generate more taxes for the town,” Davis said Friday. “The lot they will be on is actually going to be split in half to make room for future development.”

Representatives of the Canadian retailer were not available for comment Friday.

The Oakville, Ontario, company, operator of a major coffee and doughnut chain and regarded as Canada’s No. 1 fast-food restaurant business, had opened 556 Tim Hortons locations in the U.S. as of Sept. 27, 2009, according to its website, timhortons.com.

It has 10 stores in Maine, including three in Bangor, two in Presque Isle, and individual stores in Brewer, Houlton, Newport, Old Town and Skowhegan, its website states.

The new store will be located on West Broadway on the corner of Kelly Drive opposite Gillmor’s Drive-in ice cream shop and carwash at 199 West Broadway. The new building has an estimated construction cost of about $325,000, Davis said.

No construction date has been set, though town officials have said they expect the new store will be open by the end of the year. It was unclear whether the new store would be paired with Cold Stone Creamery, an ice cream parlor.

The Hortons chain has enjoyed considerable success over the last year despite the difficult economy. Tim Hortons Inc.’s second-quarter net income rose 21 percent, easily beating estimates and sending shares soaring to a new 52-week high.

Sales at stores open at least a year rose 6.4 percent in Canada and 3.1 percent in the U.S. That’s a key metric for restaurants and retailers because it measures growth at existing businesses, rather than including new ones.

Company Chief Executive Officer Don Schroeder said the performance in both countries showed strength, even in the face of a weak economy that is causing people to eat out less often at restaurants.

Hortons reported net income of $90.2 million, or nearly 52 cents per share during the second quarter.

The Associated Press contributed to this report.

SEE COMMENTS →

ADVERTISEMENT | Grow your business
ADVERTISEMENT | Grow your business

Similar Articles

More in Business