MINISO introduces new '$10 N' under' concept store in the US 4 stores opened on the same day in California and Virginia

Rhea-AI Summary

MINISO has launched its new '$10 N' Under' concept in the US, with four retail outlets opening on October 2, 2021. The stores, located in California and Virginia, focus on affordable items priced under $10, responding to strong consumer demand. This initiative marks a significant shift in MINISO's supply chain strategy for North America, aimed at ensuring a consistent supply of affordable products. With a total of 38 stores in the US, MINISO continues its expansion since entering the market in 2017.

Positive

• Launch of '$10 N' Under' concept to cater to consumer demand.
• Four new stores opened simultaneously in key US locations.
• Shift in supply chain to enhance product accessibility in North America.
• Continued expansion with a total of 38 stores in the US.

Negative

• None.

GUANGZHOU, China, Oct. 14, 2021 /PRNewswire/ -- NYSE listed lifestyle product retailer MINISO has announced the rollout of a series of retail outlets in the US under its new '$10 N' Under' concept. The first four stores to debut with this theme opened in Santa Clara, Sacramento, and Concord in California as well as Tysons, Virginia on October 2.

Featuring a wide range of locally sourced products within stores designed for the optimum shopping experience, the '$10 N' Under' concept was developed in response to MINISO's research which showed strong consumer demand for items priced under $10. As much as 95% of toys, cosmetics, electrical accessories, and other items stocked at these retail outlets will fall below that price point, each one reflecting the brand's ethos of being young, surprising, engaging, and bold. The '$10 N' Under' concept marks a shift in MINISO's supply chain for the North American market since entering in 2017. The move will guarantee a fast and steady stream of affordable products to North American consumers.

"$10 N' Under represents a key milestone in MINISO's ongoing development efforts in the US market. With an innovative integrated supply chain that combines distribution from MINISO headquarters with locally sourced products, '$10 N' Under' enables us to increase the richness and cost-effectiveness of our product offering." said MINISO's Overseas VP, Vincent Huang.

With 38 stores in the United States, MINISO has gradually expanded from the country's west to the east since this year.

About MINISO Group

MINISO (NYSE: MNSO) is a lifestyle product retailer, offering high-quality household goods, cosmetics, food, and toys at affordable prices. Since its first store opened in Guangzhou in 2013, MINISO has 4,749 stores in 99 countries and regions as of June 30, 2021. With a focus on sleek design and fun trends, its mission is to enable everyone to enjoy life's little surprises.

For more information, please visit
www.miniso.com 

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SOURCE Miniso Group

FAQ

What is MINISO's '$10 N' Under' concept?

It's a retail concept focused on offering products priced under $10, catering to consumer demand for affordable items.

When did MINISO open its new stores in the US?

MINISO opened its first '$10 N' Under' stores on October 2, 2021.

Where are the new MINISO stores located?

The new stores are located in Santa Clara, Sacramento, and Concord in California, and in Tysons, Virginia.

How many stores does MINISO have in the US now?

As of now, MINISO has a total of 38 stores in the United States.