As Chinese discount retailer Miniso opened its 5000th store this week, the company said it would rebrand all of its US stores $10 N’ Under. The 5000th store is located in Boston, and was one of four US stores to open on the same day. In a statement, the company said its expansion in North America was among its fastest rollout internationally.
While the company has built a presence in 100 markets since its 2013 debut, the bulk of its network is in Greater China. Expansion in other countries has seen mixed results, but the company says its US strategy of using the $10 N’Under banner is winning over Gen Z consumers.
“The strong market response towards our $10 N’ Under stores validates our strategy to cater to Gen Z who place a premium on value: they want trendy, quality products at an affordable price,” said Andrew Xie, GM at Miniso North America.
Existing US Miniso stores will be rebranded by the end of this month, by which time the retailer expects to have 100 stores operating across the country.
Xie says store deco will be unique to certain US locations. “For instance, its SoHo pop-up in New York City features a wide variety of plush toys and pillows exuding warmth and comfort.”
Elsewhere in the world, the company plans to continue to expand, but in the statement said it would “proactively respond to changes in different markets” suggesting it is aware its offer may not suit all regions. Outside China, it has stores in the UK, Italy, Spain, India, Mexico, Singapore, Vietnam and Australia, offering products ranging from homewares cosmetics, toys and food.
Next year it plans to expand its offer to attract Gen Z shoppers, adding scented products, plush toys, and “fun accessories”. “Miniso will localise its product portfolio based on market trends to meet local consumer needs,” said overseas VP Vincent Huang.