Miniso $2 concept success exceeds expectations
The new Miniso $2 concept store launched in Singapore is achieving sales volumes four times that of the brand’s conventional stores in the city.
The Chinese discount-merchandise retailer has opened a second $2 outlet less than a month after the first store’s debut, hitting what the brand describes as new sales records.
Hundreds of people queued for hours for the second store’s opening according to a statement issued by the retailer. The Miniso $2 concept’s sales volume is reportedly four times higher than normal stores with customers on average purchasing 12 items each.
At present, Miniso has implemented dual operating models of opening IP stores and outlet stores in Singapore, which can serve consumers with different backgrounds and requirements.
The Miniso $2 concept reported footfall five-to-six times higher than the general stores in the city, and the number of customer transactions has almost doubled.
Meanwhile, Miniso has collaborated with several international brands, including Marvel, the Forbidden City Culture, Kakao Friends, Sesame Street and Pink Panther, to expand its popularity in different markets.
Miniso operates 4000 stores in more than 90 countries and regions including the US, Canada, Russia, Singapore, the UAE, Korea, Malaysia, Hong Kong and Macau, with turnover reaching US$2.5 billion last year.