Vietnam Time

9/26/2017 3:13:15 PM

Fast-paced development of Miniso store chains

VNF - Average about 80-100 new stores opens every month in many countries. Miniso’s ambition is to have 6,000 stores worldwide by 2020.

A Miniso store in Vietnam

In 2013, Miniso, a Japanese low-cost retailer and variety store chains that specializes in household and consumer goods, first appeared on the world market.

Four years later, Miniso becomes one of the leading retailers with 2,000 stores in 50 countries, including the US, Mexico, Canada, Russia, Australia, Japan, Korea, China, Taiwan, Thailand, Singapore and Vietnam,...

Each month, 80-100 Miniso stores opens worldwide. The brand’s ambition is to have 6,000 stores globally by 2020.

In 2015, its turnover is USD 750 million. The figure is doubled to USD1.5 billion in 2016.

Miyake Junya, Miniso’s co-founder and designer (who has worked in Adidas Japan, Converse, Levi's, New Era, Kangol) and his colleagues has been striving to "bring the product back to its natural essence. ‘’ This is also the core spirit in every Miniso product.

According to the designer, Miniso was born to clearly reflect context of the world economy. Consumers have difficulty accessing luxury goods from the US and Europe, while counterfeit and low-quality goods are flooding the market.

‘’Miniso’s mission is to bring products back to its natural value, focusing on quality and creating a balance between lifestyle and fashion trends’’ he said.

To do this, the company has a powerful team of 200 R&D staff from Japan, Sweden and Korea.

Miniso provides more than 10,000 kinds of products to customers, including cosmetics goods, health & beauty, …

Currently, the company has more than 600 manufactures and processors, of which 200 are directly purchased or upgrapded in technology by Miniso. Thanks to this strategy, the business can manage its cost and reduce operating costs.

Miniso entered the Vietnamese market in September last year. At that time, the brand representatives in in Vietnam expected to open 200 stores in next five years.

After nearly one year of operation, Miniso has 24 stores in Hanoi, Ho Chi Minh City, Nghe An. Total number of customers is over 20 million. The system welcomes 8,000 visitors each day.

Shop items have eye-catching design

“Miniso targets customers aged 18-35. In fact, we have convinced the most demanding customer group, demonstrated by the fact that 60% shoppers at Miniso is over 35,’’ said the representative of Miniso Vietnam.

Miniso stores, each from 150m2 to 300m2 area, are in densely populated areas, close to offices, schools or commercial centers.

Ms. Duong Thanh Tam - General Director of Miniso Vietnam said that the enterprise follow the strategy of sustainable development and efficiency management at each store. This means that each store receives quotas and ensure profits by itself.

In fact, this goal has been completed by all Miniso shops. Dependind on population’s characteristics in each area, the shop will sell goods in accordance with their needs.

Every month about 200 new samples will be displayed on shelves. Each season or holiday Miniso will introduce new products that are in line with world fashion trends.

With a rapid growth rate, the business set a target that there will be 200 stores nationwide by 2018 and 400 stores by 2019.

‘’ Accordingly, Miniso will open from 8-10 stores nationwide each month in the form of franchising or business cooperation. It is expected in October, 2017 Miniso will officially announce this policy in Vietnam, she said.

According to the representaitve, 5-7 years ago, customers were only interested in price and product’s capabilities but now they highlight the difference, showing their individual style.

Grabbing this, the company’s designers always simplify products to fit general trends with optimal price.

“Shoppers at Miniso stores are not financially affected. So, we try to make them feel happy when shopping and look forward to see them back next time’’, Ms Tam said. 

Translated by Tran Ngoc  
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