MINISO to launch new flagship store in New York as part of global expansion

Global Chinese retailer MINISO is set to open its new flagship store in Time Square, New York in May as part of its new global expansion strategy. The opening of the Times Square store also marks one of MINISO’s biggest milestones since its founding in 2013.

Located on the first floor of 5 Times Square, the new store will offer nearly 2,000 different products at affordable prices for shoppers to choose from. The new flagship will have an upgraded look and nine dedicated zones, including licensed collections, blind box collectibles, toys, plushies, fragrances, accessories, makeup tools, snacks as well as gifts and stationery.

The overall store design promises to be simple and sleek, with an emphasis on licensed products with world-renowned intellectual property owners. The window design will feature characters from Sanrio, the parent company of Hello Kitty. Sanrio products have received an overwhelming response from American consumers and became the top-selling collection since its launch. MINISO plans to bring even more exciting collaborations, such as Peanuts, Hello Kitty, Barbie, and Mario Bros, to the US market.

In terms of promotion, MINISO will be holding giveaways and raffle draws on the grand opening day, giving shoppers the opportunity to win vouchers, gifts, and Sanrio products as one of the ways to drive footfall to the store. 

Expressing his anticipation of the flagship store opening, Jack Ye, founder and CEO of MINISO, said,  “The opening of the Times Square store is a crucial step towards our transformation and upgrade. Times Square is the Crossroads of the World and a hub of business, entertainment and culture. By making a physical presence in one of the busiest pedestrian areas, MINISO appeals to New Yorkers and visitors from around the world, and responds to consumer demands for attractive, fun, useful and affordable products.”

According to China Daily, by the end of 2022, MINISO had opened 5,440 outlets globally, of which over 2,115 are based overseas. The company's overseas outlets expanded rapidly in 2022, with more being established in the commercial areas of Madrid, Spain; London; Florence, Italy; Canberra; Amsterdam; and Lima, Peru. In the North American market alone, the company's revenue increased by 70% year-on-year in the second quarter of the fiscal year, which referred to the period from October to December, according to the company.

Don't miss: MINISO's revenue surges due to overseas sales growth

Back in November last year, MINISO saw a year-over-year increase of revenue for the first quarter of fiscal year 2023 ended 30 September, primarily driven by a 47.6% year-over-year growth of revenue from overseas markets, while partially offset by a 8.8% year-over-year decrease of revenue from China. 

Among the total revenue of RMB$ 2,772.4 million, revenue from China has dropped from RMB$2,030.8m last year to RMB$1,852.3m. The year-over-year decrease was mainly due to a drop in revenue from the MINISO brand from RMB1,866.5m to RMB1,700.4m, as a result of the resurgence of COVID-19 in China in the September quarter, and partially offset by a year-over-year increase of 13.3% in revenue from the TOP TOY brand. 

On the other hand, revenue from overseas markets was RMB$920.2m, accounting for 33.2% of our total revenue and representing an increase of 47.6% year-over-year. The increase was primarily due to a year-over-year increase of 9.7% in average store count and a year-over-year growth of 34.6% in average revenue per MINISO store in overseas markets. 

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