NEW YORK: North American coffee shop chain Tim Hortons will enter the retail market in South Korea later this year, its parent company Restaurant Brands International said in a statement on Wednesday.

The company said the new stores in the Asian country, one of the fastest growing coffee markets in the world, would be developed under a master franchise agreement with BKR Co Ltd, a local operator in the quick service business.

Tim Hortons has around 5,600 stores in 15 countries, with a larger presence in Canada and the United States. It says it uses premium, 100% arabica coffee beans in its blends.