In a recent ranking of most valuable Canadian brands, Tim Hortons failed to make the top 10 despite having ranked high in years prior.
The iconic coffee company was unable to hold on to its former #10 ranking from 2017, as mass media firm Thomson Reuters moved up in the list to claim the spot.
In contrast, six of the top performers in 2018 managed to maintain their ranking from last year:
The fall in Tim Hortons’ ranking is being attributed to a rapidly deteriorating reputation, due to employee mistreatment controversies and negative PR. Yet, in spite of it all, the company continues to grow, with revenue having risen as much as 2.1 per cent in the last quarter.
“Tim Hortons has faced significant widespread media criticism, but their brand strength grew in the face of these challenges,” said Brand Finance marketing manager, Charles Scarlett-Smith. “A lot of what is driving Tim Hortons’ brand growth is its international expansion.”
The company announced this month that it would be expanding into China with over 1,500 stores nationwide. It already operates stores in various parts of Europe, Asia and Latin America.