MINISO Broke the Sales Record Once Again, Reaching 1 Billion Indonesian Rupiah Within Three Hours
On 24 February, 2017, MINISO, the unicorn of global retail industry opened seven stores in five countries on the same day, including Indonesia, Nepal, Dubai, Singapore and the Philippines. The large-scale layout attracts great attention from all walks of life around the world. It is worth mentioning that on that very day, the sales volume of a single store had multiplied (in billion Indonesian Rupiah), which is astonishing.
(Illustration: MINISO opened three stores in Indonesia on the same day, spurring local spending spree.)
It is known that MINISO launched opening ceremonies of three stores opened on the same day for the first time to establish in Indonesia. Mr. Miyake Junya, the global co-founder and chief designer of MINISO, Mr. Ye Guofu, the global co-founder and CEO of MINISO, Mr. Li Minxin, the Vice President of MINISO Asian-Pacific and Indonesian super star Boy William attended the opening ceremony and witnessed the special moment that MINISO cooperates with Indonesia formally. The stores were packed with customers that day. Many of them were waiting long lines at the checkout counter. With less than three hours of formal operation, the total sales volume of three stores reached more than 100 million Indonesian rupiah. That even surpassed 550 million Indonesian rupiah after the closing hour, breaking the record of Indonesian retail industry.
At the same time, the Nepal stores also did well. As a country depends on agriculture, 80% of the Nepalese are engaged in agricultural production, with relatively low per capita income. As a result, they are eager for products with high cost performance. MINISO was established in Nepal with its high quality products, creative design and competitive price, which meets people’s demands for improving their living standards and consumption levels. Therefore, the “high-quality, creative and low-price” products attract a large number of consumers to come and shop at MINISO. One of the customers talked to the reporter with excitement that, “I never shopped like that without hesitation before. I don’t need to care about neither the quality nor prices. It really is a happy shopping experience.” According to statistics, the sales volume of the Nepal store on the first day of operation exceeded USD 20,000, which is a sales miracle in Nepalese retail industry. In fact, the Jawalakhel store is the second store opened in Nepal. Since MINISO entered Nepal last October, it not only improves local people’s living standard, but also promotes the development of local retail industry. MINISO is popular with local consumers, which attracts high attention and support by the Nepalese government.
(Illustration: The MINISO store was opened in Nepal, which is popular with local consumers.)
As the richest city in the Middle East, Dubai is the economic and financial center of the Middle East, which is called the business hub of the Middle East-North Africa region. In recent years, with the popularity of overseas travel, Dubai’s economy is booming. Despite of the relatively high consumption level in Dubai, MINISO performs well as usual. On that very day of opening, a large amount of consumers stopped by and shopped at the store. Since the stores were packed with customers, it is difficult for salesclerks to replenish goods. Some products were even out of stock. In order to ensure that every consumer can successfully buy the products, the store had to control the visitor numbers. During the rush hours, the police were even invited to maintain order. Actually, such situation is not rare at MINISO. It turned to the police for maintaining order when opening stores in Laos, Thailand and Mexico. MINISO has opened dozens of stores in Singapore and the Philippines, the strategic cooperation partners of MINISO, which perform well and benefit massive consumers. This time, the stores opened in Singapore and the Philippines together with other three countries on the same day make the brand develop further in the international market.
(Illustration: The MINISO stores were packed with consumers, breaking sales records repeatedly.)
As a matter of fact, wherever it goes, MINISO will spur spending spree. Established in merely three years, MINISO has signed strategic cooperation agreements with over 40 countries and regions including the U.S., Canada, Mexico, Australia, Singapore and Korea, opening more than 1,800 stores all over the world and bringing high quality but low-price products worldwide. Besides that, in the year of 2016, while the real economy declined generally, MINISO achieved nearly USD 1.5 billion sales volume. It is worthy of the title of retail dark horse.
The business practices and expansion prove that the original intention of “relieving the younger generation’s shopping stress and making more consumers happy” that MINISO insists on is correct and forward-looking. Generally, MINISO develops and designs products from the perspectives of consumers. While it persists in the design philosophy of “back to the nature and reverting to the essence of product”, it also devotes itself to improving comfort and functionality of products. In addition, MINISO cuts the profits for consumers with a gross profit as small as 8%. It is its persistence in considering the demand of consumers that MINISO can continually present more and more “high-quality, creative and low-price” products to consumers all over the world.
Seven stores opened in five countries on the same day shows MINISO’s development momentum in the global market. Mr. Ye Guofu indicated that, MINISO will keep on opening stores all over the world. By 2020, there will be 6,000 stores opened around the globe. Among which, 200 stores will be opened in Indonesia by 2017, and the number will climb to 1,000 in three years. In fact, MINISO is going to establish subsidiaries in Indonesia, Germany, Brazil, South Africa, Egypt and India. It strives to present more and more “high-quality, creative and low-price” products to consumers all over the world. MINISO has started its global expansion. What surprises and miracles will it bring to consumers are worth expecting.