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Restaurant Brands International (RBI), parent company of Burger King, Tim Hortons, Popeyes, and Firehouse Subs, is aiming for 5% annual unit growth by 2028 despite persistent challenges in China, one of its most important markets.
Speaking at the Deutsche Bank Access Global Consumer Conference, RBI Executive Chairman Patrick Doyle acknowledged China as the company’s biggest variable. “We had five straight years with 300-plus openings in China. We need to get back to that,” he said. Last year, Burger King opened just 113 new outlets in China, down from 285 in 2019.
Burger King has already shuttered nearly 400 underperforming U.S. locations in recent years, but China’s performance remains critical. The company acquired full control of Burger King China in early 2024 for $158 million and is currently working with Morgan Stanley to find a new local operator.
Despite setbacks, Burger King still added 410 international outlets last year—46% of RBI’s total international growth outside North America.
RBI is banking on growth across all four brands. In North America, Tim Hortons is rebounding, with plans to deepen its presence in underrepresented areas of Canada. Popeyes and Firehouse Subs are also expanding rapidly, having added 134 and 100 U.S. locations respectively last year.
Internationally, Tim Hortons opened 196 stores in 2023, and Firehouse Subs inked a major expansion deal in Mexico. Popeyes added 282 new global outlets.
Doyle remains optimistic. “If we can get all three China brands performing at once, growth could exceed targets,” he said. RBI projects 400 new stores from North America, 300 from China, and 1,100 from other international markets annually to meet its 5% goal.
