Miniso, the Chinese retailer known for its cute, low-priced consumer goods and famous collaborations, is intent on becoming a global lifestyle super brand. With the opening of our new location in New Jersey, we are one step closer to achieving this goal.
On May 3, MINISO announced its new flagship store at American Dream Mall, the second largest shopping center in the United States. This is Japan's first “IP Collection Store” that collaborates with popular license holders such as Sanrio, Disney, and Barbie.
Miniso's entry into New Jersey follows the successful opening of its flagship store in New York City's Times Square in May 2023. On its first day open, the store generated $80,000 in sales, setting a record for the brand.60,000 people visited the store in the first month, achieving an 8x increase in sales This is higher than the average sales of Miniso's other stores in the United States.
With more than 120 locations nationwide, the United States is one of Miniso's most important markets. According to the Miniso Group’s financial results for fiscal year 2023., revenue from the North American region increased 128% year over year to $160 million, outpacing all other markets excluding China. With this impressive growth, total revenue in 2023 increased by 39.4% to reach $1.9 billion.
Miniso's success is largely due to something called “interest-driven consumption,” which Miniso Group CEO Ye Guofu proposed in 2020. This means that consumers are not just focused on price and functionality, but are looking for products that “deliver emotion.” Bella Tu, vice president and general manager of overseas markets at Miniso, said:
“The majority of MINISO consumers are between the ages of 18 and 35, especially Generation Z. They tend to prioritize trends and affordability, while also focusing on quality. Our focus on tailored, beautiful design and affordable pricing are core elements that differentiate us in the retail market,” she says.
One way Miniso facilitates interest-based consumption is through intellectual property (IP) collaboration.
Tu said: “Famous IPs often come with their own fanbases. Through IP collaborations, Miniso attracts fan groups who emotionally identify with the IP characters and makes their favorite IP products affordable.” We can now own it for a price and bring joy to them.”
At the same time, IP products help consumers express their individuality. [these products] It’s not just about the product, it’s about the consumer’s emotions, memories, IP stories, characters and personal attitude towards the brand,” she added.
Currently, Miniso holds over 100 IP licenses with world-famous companies such as Marvel, Snoopy, and Minions. And it's clear that these partnerships are drawing customers to stores.
“I really like the collaboration between Hello Kitty and makeup. It's very practical and useful for gifts. I'm shopping for my cousin at the moment and I think she'll love this too. ” said New Jersey resident Ana Galan, who attended the American Dream Mall opening event. “But the pricing isn't as exaggerated as you might think. Everything from the price to the selection in the store draws you in.”
By 2028, Miniso aims to generate more than 50% of its revenue from IP collaborations.
Another way Miniso connects emotionally with consumers is by offering “relaxing, treasure-hunt-like, engaging shopping experiences full of fun surprises that appeal to all demographics,” the company said. stated in a press release.
To celebrate the grand opening of its American Dream Mall store, the brand created a whirlwind of Instagrammable moments, from a playful ball pool in the mall's atrium to a towering 488cm-tall inflatable . Visitors will also enjoy a free blind box, raffle prizes and a live DJ.
New Jersey resident Jalissa Nieves wasn't planning on shopping at Miniso until she saw a crowd gathered around the lottery table. When she won a $100 coupon, she excitedly started buying toys and facial products. “It was very lively and I felt very comfortable here,” she says. Kyo Nippo About that experience.
To maintain store excitement after launch, Miniso employs a so-called “7-1-1” strategy. This includes launching approximately 100 new products every seven days, selected from a large library of 10,000 product ideas. By constantly switching up their products, Miniso ensures each store visit is unique.
And finally, what better way to connect with the younger generation than to capitalize on the blind box craze? As part of enabling interest-based consumption, Miniso is introducing the likes of Sanrio, Disney Villains and Winnie the Pooh. We have launched a blind box. Not only do these contribute to the brand's mission to surprise and delight consumers, but they also generate massive exposure on social media.
On platforms like YouTube and TikTok, influencers share their excitement when opening blind boxes and collecting different items. In Xiaohongshu, the hashtag “Beautiful Blind Box'' (#Famous Good Products Blind Box) has garnered 220 million views. In 2023, sales of this brand will exceed 20 million pieces Blind boxes around the world.
“I just want to get all the characters. My dream is to get it [set] Exactly, but I know it's too expensive. [buy] One by one,” says Liliana Casares, a New Jersey resident who came to the American Dream Store specifically for the blind box.
Overall, Miniso lives up to its business slogan, “Life is meant to be enjoyed,” by injecting playfulness into both its products and shopping experience. With plans to add 1,000 of his stores worldwide in 2024, this Chinese lifestyle brand is becoming another of his well-known brands alongside the likes of Shein and Temu.