Miniso Vietnam eyes 400 stores by 2022
Miniso Vietnam plans to open 50 more stores by the end of this year and reach 400 by 2022.
The discount retail chain plans to enhance its distribution system in Vietnam with a 10,000 sqm warehouse in Ho Chi Minh City which will open within a few months. That will provide strong support for stores and a planned online operation.
Miniso Vietnam also has boosted its brand-name awareness among young consumers by having local singer Son Tung M-TP as its first brand ambassador.
The company entered Vietnam in September 2016 and has already opened 40 stores there – 17 in Ho Chi Minh, 19 stores in Hanoi, and four elsewhere. It is rapidly rolling out stores to cash in on Vietnam’s current 10.9 per cent annual retail sales growth, which makes the country one of the fastest-growing retail markets in the world.
The company says it recognises Vietnamese shoppers are moving from high-street shops to shopping centres and so it is adjusting its expansion strategy to include more malls.
It has reached an agreement with Vincom to open stores in the mall operator’s future developments in major commercial and shopping centres.
Products are priced between VND43,000 (US$2) and VND500,000, predominantly targeting consumers aged 18 to 35.
The brand has been accused of misleading consumers by describing itself as a Japanese brand when it is a Chinese company, owned by Chinese and selling products made in China with no apparent Japanese connection.
But that has not stopped it from opening more than 2600 stores worldwide, covering more than 62 countries and regions. Last year, its sales topped US$1.8 billion.
The company plans to open 10,000 stores throughout the world by 2022.