MINISO Debuts "$2 Plus" Concept in Canada in Response to Rising Inflation

Rhea-AI Summary

On October 1, MINISO (NYSE: MNSO) reopened its Vaughan Mills store in Toronto, unveiling the new "$2 Plus" concept aimed at enhancing the shopping experience while providing affordable products. This revamp reflects MINISO's adaptation to rising inflation, emphasizing quality and diversity over traditional dollar store offerings. With 50 stores in Canada since 2017, MINISO focuses on offering well-designed products at reasonable prices. The Vaughan Mills store is among the first to implement this concept, alongside three others in Ontario and British Columbia.

Positive

• Launch of the '$2 Plus' concept to attract cost-conscious consumers amid inflation.
• Store refurbishment aims to enhance customer experience and showcase original product lines.
• Expansion strategy with four stores adopting the new concept, indicating growth potential.

Negative

• None.

TORONTO, Oct. 4, 2022 /PRNewswire/ -- On October 1^st, Chinese retailer MINISO (NYSE: MNSO, HKEX: 9896) unveiled a new "$2 Plus" concept at the re-opening of its Vaughan Mills store in the Greater Toronto Area. The concept reflects MINISO's aim to provide shoppers with a unique in-store experience while offering excellent value, well-designed products in response to the effects of rising inflation on consumer budgets.

Having been closed for refurbishment for several months, MINISO's store at Vaughan Mills, one of the largest shopping malls in Canada, re-opened its doors to shoppers with a brand-new look. Inspired by MINISO's original creation, the MINI Family of adorable animal characters, the store's remodeled interior embodies the brand's lively and youthful atmosphere and reflects the company's intention to feature more of its own original products.

The revamp heralds MINISO's new direction in Canada, introducing the brand's all-new "$2 Plus" concept to local consumers. The concept sees MINISO take inspiration from the much-loved dollar store as a means of offering customers products at low prices, while the brand provides more diverse and higher quality goods than traditional low-cost retailers. As inflationary pressures grow, MINISO's long-standing Chinese supply chain capabilities ensure customers, who are increasingly cost-conscious, can rely on the "$2 Plus" model for quality, affordable, design-led products today and into the future.

"Ever since we first set foot in Canada in 2017, our ambition has been to provide customers with well-designed products at reasonable prices, as well as enjoyable shopping experiences, and the '$2 Plus' concept is our way of further realizing this. With affordable prices and a unique treasure hunt shopping experience in-store, our '$2 Plus' stores aim to be the go-to place for everyone looking for quality lifestyle products on a budget," said Bella Tu, General Manager of MINISO Overseas Operations.

The Vaughan Mills store is one of the first four stores to be refashioned for the "$2 Plus" concept. Three other stores, in the Scarborough district of Toronto, Markham, and Vancouver, also opened on the same day. The remaining MINISO stores in Canada are slated to undergo similar makeovers soon.

MINISO has opened 50 outlets across Canada since May 2017. The brand is well-known for its licensed collections with Marvel and Disney, We Bare Bears, Coca-Cola and more.

About MINISO

Global value retailer MINISO (NYSE: MNSO, HKEX: 9896) offers high-quality household goods, cosmetics, food, and toys at affordable prices. Since its 2013 debut, as of June 30, 2022, MINISO has rapidly expanded to approximately 5,200 retail outlets 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.

Contact: Roey Li, roey.li@miniso.com

 

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SOURCE MINISO

FAQ

What is MINISO's new '$2 Plus' concept introduced on October 1?

The '$2 Plus' concept offers quality, affordable products, aiming to enhance the shopping experience amidst inflation.

How many MINISO stores are there in Canada as of October 2022?

As of October 2022, MINISO has opened 50 stores across Canada since entering the market in 2017.

Which stores in Canada launched the '$2 Plus' concept on the same day as Vaughan Mills?

Along with Vaughan Mills, stores in Scarborough, Markham, and Vancouver launched the '$2 Plus' concept on October 1, 2022.

What does the '$2 Plus' concept focus on in response to consumer budgets?

The '$2 Plus' concept focuses on providing well-designed, affordable products to accommodate rising inflation and consumer price sensitivity.

When was the Vaughan Mills store reopened after refurbishment?

The Vaughan Mills store was reopened on October 1, 2022, after undergoing refurbishment.