Skip to main content

Market Overview

MINISO accelerates expansion in Europe and global markets

Share:

GUANGZHOU, China, Nov. 25, 2020 /PRNewswire/ -- Lifestyle product retailer MINISO opened its 100th post-IPO physical store this November, signaling a market expansion streak amidst industry-wide scale back and closings. The opening in Madrid is the fourth in Spain this month alone, and it is bolstered by a flurry of other European and global ribbon-cuttings numbering over 100 since the brand's IPO in mid-October. Additional store openings are planned before the end of the year.

"We aim to open even more new stores across Europe in the near future," said Vincent Huang, International Business Vice President, MINISO. "We look forward to welcoming customers in London, Hungary, Iceland and Italy soon, pending the course of the pandemic."

100th new store since IPO opens in Madrid, Spain 

Spain is one of MINISO's most rapidly expanding markets, with 16 stores across major cities such as Barcelona, Sevilla, Malaga, Granada. The new location in Madrid marks the 100th new store for MINISO since its IPO in mid-October, while the brand's most recent opening  was November 14 in the Canary Islands.

Spanish singer Soraya Arnelas (INS: @soraya82) kicked off the festivities at the Madrid store, opening the doors right in the heart of the posh Salamanca district. Opening day customers had the chance to interact with Soraya, and also enjoyed a shopping experience without lavish spending in the traditionally luxury shopping zone in Conde Peñalver, as 80% of MINISO's products are priced lower than 10 euros. In its first week of sales, the store achieved impressive sales performance - boosting franchiser's and even the local economy's confidence in consumer spending.

Grand opening celebrations in Madrid, Spain, at MINISO's 100th new store since its October IPO

While some industry reports indicate a potential 25% drop in in-store holiday shopping traffic this year, MINISO franchisers believe the wide variety of highly designed goods at affordable prices will be a draw. Ana Rivera, the General Manager of MINISO's exclusive franchiser in Spain, said they plan to open a new store in Melilla, another Spanish autonomous territory on the northwest coast of Africa, by the end of November.

"Adding a fashionable and affordable retail brand to these popular commercial areas boosts the area economy both for local customers and returning tourists," said Ana Rivera. "MINISO is the right type of retailer to bring back business to our beaches."

Across Europe, retail format and franchisor model instills confidence

Many of MINISO's European franchisers are renowned operators in the retail industry and are eager for continued expansion in their respective markets.

For example, one of MINISO's business partners, Michiel Witteveen, the CEO of the Mirage Retail Group, said the company plans to open a new store soon, which would be the 3rd location in the Netherlands, adding to their existing footprint in Eindhoven and Utrecht. Mirage Retail Group owns more than 800 stores from various successful brands such as Blokker, Big Bazar and Intertoys – so Witteveen knows what makes brands thrive.

"MINISO is not comparable to any other store format in the Netherlands. It has a frequently changing range of high-quality design items and a very attractive price," said Witteveen, explaining one of the reasons why franchisers are so eager to introduce MINISO locally.

The particular format highlighted by Witteveen refers to MINISO's unique '7-11' philosophy, which means that 100 new products are selected from among 10,000 samples to be released every 7 days. The '7-11' philosophy aims to stoke fast innovation and consistent product upgrades, and to seed customer store re-visits and re-purchasing due to curiosity about the new products.

China and international markets are rebounding rapidly

MINISO set a record pace in its home market, China, by opening 54 stores on the same day on October 1, which is the first day of China's Golden Week – a week-long national holiday that represents one of the biggest weeks for retail and tourism. The timing was also ahead of China's biggest shopping festival known as Double 11 or Singles' Day.

MINISO HQ also directly operates a number of stores across Asia, Africa and the United States – opening more than 20 stores collectively across these regions since October. Notable openings include the 39th store in Los Angeles, United States, and one in the iconic Pacific Mall in New Delhi, India. According to Vincent Huang, MINISO plans to open a new store in a top tourist destination in Indonesia before Christmas.

About MINISO

MINISO (NYSE:MNSO) is a lifestyle product retailer, offering high quality household goods, cosmetics and food at affordable prices. Since opening its first store in Guangzhou in 2013, MINISO has opened more than 4,200 stores in over 80 countries and regions in just 7 years. With a focus on sleek design and fun trends, its mission is to assure through its products that a better life has nothing to do with the price.

Cision View original content to download multimedia:http://www.prnewswire.com/news-releases/miniso-accelerates-expansion-in-europe-and-global-markets-301180375.html

SOURCE Miniso Group

View Comments and Join the Discussion!
 
Don't Miss Any Updates!
News Directly in Your Inbox
Subscribe to:
Benzinga Premarket Activity
Get pre-market outlook, mid-day update and after-market roundup emails in your inbox.
Market in 5 Minutes
Everything you need to know about the market - quick & easy.
Fintech Focus
A daily collection of all things fintech, interesting developments and market updates.
SPAC
Everything you need to know about the latest SPAC news.
Thank You

Thank you for subscribing! If you have any questions feel free to call us at 1-877-440-ZING or email us at vipaccounts@benzinga.com