As of 2018, Miniso has 3,500 stores in 79 countries. (Image via Mexico News)

A Global Empire: Miniso

Toska Dhia Andana
Business & Industry
Retail & Food Services
Jun 27, 2019
4323
People are crazy about Miniso. Miniso stores in Indonesia always have costumers inside, anytime of the day. Cheap price and minimalist designs are probably of the main reasons why people would go there to spend their money. Some people named Miniso as their go-to store to buy things if there is a company event going on and they need to buy a present. Do you know Miniso was founded only in 2013?

Japanese designer Miyake Junya and Chinese entrepreneur Ye Guofu founded Miniso back in 2013, which originally inspired by 100 Yen shops in Japan and Dollar Store in U.S. Although they have only in the business for almost 6 years, they currently have 3,500 stores in 79 countries and have the total sales of $2.6 billion USD in 2018.

Back in 2016, when they were only 3 years in the industry, they were able to sponsored one of the most famous Korean drama of all time, Goblin. After the drama was aired, many demanded Miniso to open more stores. How can they sponsor a drama but sell stuff in cheap prices? It turns out Miniso only have limited amounts for each product in order to make high store traffic and fast inventory turnover. They only have 3,000 SKUs for a store. The products will be turned over 21 days and new products are distributed to each store every 7 days. Miniso does in-house design as well and bulk purchasing from the suppliers.

Their choice of not having e-commerce also makes them able to sell in cheap prices. E-commerce needs high costs, so they avoid that area. As of 2017, Miniso only has an e-commerce in China through WeChat, JD.com and Taobao. However, Miniso is planning to have an e-commerce in India. Miniso has 105 stores in India and planning to have 800 stores by 2020. Because of the e-commerce planning, they eventually ditch the idea and will only add 60 more stores by 2020.

Source: https://www.forbes.com/sites/michellegrant/2019/06/21/this-chinese-retailer-is-building-a-global-empire/#67bbb6154dea

China , Japan , Miniso , ADollarStore , Retail , Cheap