Canadian coffee chain Second Cup has unveiled the details of a three-year strategic plan, including raising an additional $5 million of growth capital. The plan will include a complete rebranding effort and a redesign of Second Cup’s retail environments.
“The company’s vision is to be the coffee brand most passionately committed to quality and innovation,” Mississauga, Ontario-based Second Cup announced yesterday.
Second Cup currently operates 345 stores in Canada, compared to approximately 4,500 Tim Hortons locations and approximately 1,300 Starbucks locations. All three chains have announced recent efforts to transform their coffee programs and give facelifts to select retail stores in Canada as they seek a larger share of the market.
Second Cup says its two-phase, three-year effort will involve refreshing its focus on coffee and its cafe menu, investing in “skilled and passionate baristas,” and revitalizing cafes so they better reflect their local communities and markets.
“Coffee will once again be at the core of our offering,” Second Cup CEO Alix Box said in yesterday’s announcement.
With the plan, Second Cup hopes to grow its annualized system-wide sales by more than $50 million to more than $234 million by 2017.