How MINISO is charting its global expansion plans

Lifestyle retailer MINISO recently announced the official opening of its new global flagship store in New York's iconic Times Square. The opening of the flagship store in Times Square in 2023, coincides with the brand's 10th anniversary, and comes shortly after the announcement of a new global strategy. With over 70 stores and a dedicated local team, the US market has become MINISO's strongest overseas market for two consecutive quarters. The brand has also set an ambitious goal of surpassing 100 stores in the United States by the end of 2023. 

“We are thrilled to open our new flagship store here in Times Square," said Jack Ye, Founder and CEO of MINISO, at the opening event. “Establishing a presence in one of the world's most recognizable shopping and cultural destinations allows us to effectively reach new audiences every day, introducing our fun, quality products to hundreds of thousands of New Yorkers and tourists who travel these streets every day,” he added.

Tapping the global market 

Beyond reaffirming the brand’s focus on the US market, the move also reflects its new global strategy. The China-based lifestyle retailer aims to transform the brand into a lifestyle super brand, with over 5,400 stores, including 2,000 in global markets. Brick and mortar retail with new store roll outs and store upgradation are an important part of this plan. 

As Vincent Huang, Vice President of MINISO’s Overseas Operations, said, “Offline stores remain the most important channel for MINISO and the most critical revenue source. To improve the in-store shopping experience, we are in the process of upgrading our offline stores. We will be dividing a MINISO store into dedicated zones so that consumers can easily navigate while browsing and setting up interactive areas, or play areas where they get to touch and feel our products before buying.”

Success factors 

He added, while talking about the success factors, “Over the past few years, we examined the top-performing stores in different markets and we found that a rich and diverse product portfolio and highly frequent launching of new products are the key to the success of MINISO stores. Only by doing so, customers will always find something new when they visit our store and come back to check out our latest offerings.” He added, while talking about the role of partnerships, “Reliable partnerships are key to success. At MINISO, we not only work with capable suppliers but also with retail partners, franchisees, distributors and intellectual property licensors. Some of our partnerships are already decade-long and we thank all of our partners who have grown with MINISO and will continue to do so in the coming years.” 

Next in pipeline - New store in Delhi intl airport and more

While talking about the brand’s new expansion plans, Vincent said, “In terms of expansion, we will be opening new and more stores in critical markets as well as looking into entering new markets. For example, this month, we’ll have two new stores at Delhi International Airport in India as well as a flagship store in Guangzhou, China.”

He added, “We are launching 3.0 stores which are bigger, brighter and more interactive. For example, in February this year, MINISO opened its first flagship in Chengdu. The three-storey store featured a brand-new Fragrance Museum, dedicated to MINISO fragrances and perfumes. Guangzhou also welcomed a same store this month.”

But the retailer’s future plans include not just expansion, but an overall evolution as a brand with compelling stories to engage the consumers. Interesting times indeed for the retail brand.