6 store openings on Black Friday - MINISO reinforces "$10 N' Under" presence in US East Coast

Rhea-AI Summary

MINISO has expanded its retail presence in the U.S. by opening six new stores on November 27, 2021, under its '$10 N' Under' concept, predominantly along the east coast. The new stores are located in Delaware, Virginia, New Jersey, New York, and Texas, offering products priced at or below $10. The flagship store in Flushing is set to open next year, complementing a pop-up in SoHo, New York City. This initiative aims to enhance MINISO's understanding of local consumer preferences and expectations.

Positive

• Opened 6 new stores in the U.S., enhancing market presence.
• Targets consumer demand for affordability with '$10 N' Under' concept.
• Pop-up store in SoHo serves as a precursor to flagship store launch.
• Plans to have a total of 53 stores in the U.S. by year-end.

Negative

• None.

NEW YORK, Dec. 2, 2021 /PRNewswire/ -- This year's Black Friday bargains have just gone up a notch – lifestyle retailer MINISO opened 6 more US stores under its '$10 N' Under' concept on November 27, four of which will be situated along the country's east coast. Residents in Delaware, Virginia, New Jersey, New York, and Texas will be able to enjoy a wide range of affordable quality products where 95% of items are priced at or below $10.

MINISO pops up in SoHo New York in prelude to 2022 flagship store opened

One of the upcoming outlets is situated in New York City's famously arty neighborhood SoHo, in the form of a 3,825 square foot pop-up store. An array of toys and home décor that make customers' hearts melt in MINISO New York City. To mark the grand opening, MINISO hosts in-store appearances by more than 10 local influencers at its 579 Broadway space. Customers are given free goodie bags and stand a chance to win $300 in credit through a raffle draw. The pop-up store also gives New Yorkers a taste of what is to come when MINISO's flagship store opens in Flushing next year.

$10 stores become trending among consumers

MINISO's "$10 N' Under" concept originated in response to consumer demand for affordability and quality. "In this round of new store openings, our concentration along the east coast allows consumers in this part of the country to check out our wide range of products," said MINISO North America general manager Andrew Xie. "At the same time, we will use this opportunity to gain a better understanding of local consumers' behaviors and preferences so that we can tailor our stores to the needs of East Coasters."

Since entering the US market in 2017, MINISO has made the country a priority by extending its reach and accelerating localization. By the end of the year, MINISO expects to have 53 stores across US.

For more information, please visit www.minisousaonline.com.

About MINISO

Lifestyle product retailer MINISO (NYSE: MNSO) offers high quality household goods, cosmetics, food, and toys at affordable prices. Since its 2013 debut, as of September 30, 2021, MINISO has rapidly expanded to 4,871 retail stores in 99 markets worldwide. Sleekly designed and packed with the latest must-haves, MINISO retail outlets make it possible for everyone to have a little fun all the time by enjoying life's little surprises.

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SOURCE Miniso Group

FAQ

What new stores did MINISO open on November 27, 2021?

MINISO opened six new '$10 N' Under' stores in Delaware, Virginia, New Jersey, New York, and Texas.

What is the '$10 N' Under' concept of MINISO?

The '$10 N' Under' concept offers a wide range of products priced at or below $10, catering to consumer demand for affordability.

Where is MINISO's pop-up store located?

MINISO's pop-up store is located in SoHo, New York City, serving as a prelude to the flagship store opening in Flushing next year.

How many stores does MINISO plan to have in the U.S. by the end of 2021?

MINISO expects to have a total of 53 stores in the U.S. by the end of 2021.

When did MINISO first enter the U.S. market?

MINISO entered the U.S. market in 2017.