Join getAbstract to access the summary!

What’s the Secret to the Explosion of the Miniso “10-Yuan Store”?

Join getAbstract to access the summary!

What’s the Secret to the Explosion of the Miniso “10-Yuan Store”?

1,800 Stores in 3 Years; Every Product a Bestseller and About to Hit 10 Billion Yuan in Revenue

Iyiou,

5 min read
5 take-aways
Audio & text

What's inside?

Chinese low-cost retailer Miniso scoffs at those who think e-commerce will put physical retailers out of business.

auto-generated audio
  • 0.5×
  • 0.75×
  • 1×
  • 1.25×
  • 1.5×
  • 1.75×
1×
auto-generated audio

Editorial Rating

8

Qualities

  • Innovative
  • Applicable
  • Concrete Examples

Recommendation

Everything about Miniso seems Japanese, including its name, design and branding. But Miniso is a Chinese business operating out of Guangzhou. No doubt the Japanese-style branding has helped Miniso create an image of high quality and win the trust of consumers. But of course, that’s not the sole reason for the company’s success. In this article, business analyst Du Boqi discusses how Miniso’s unique business model and market positioning led to 1,800 stores and ¥10 billion [$1.5 billion] in revenue. getAbstract recommends this article to anyone working in logistics or offline retail, as well as to designers, business managers and shopaholics.

Summary

Japanese designer Miyake Junya and Chinese entrepreneur Ye Guofu founded the offline retail chain Miniso in September 2013. About half of the more than 4,800 household and consumer goods that Miniso sells cost ¥10 [$1.50] each. Within just three years, Miniso had opened 1,800 stores worldwide. In 2016, it generated nearly ¥10 billion in revenue. The company has formed strategic partnerships in more than 40 countries and regions and is currently opening 60 to 80 new stores each month. Ye aims to have opened 6,000 stores and earned ¥60 billion in revenue by 2020.

Miniso isn’t your typical “dollar store” that sells cheap products for cheap prices. Instead, Miniso markets high quality at low cost. The founders modeled their store...

About the Author

Du Boqi a business and economics researcher and analyst. He is also a columnist for IYiou, a new-tech media outlet focused on offline-to-online (O2O) businesses, and has written several books, including one on Miniso.

Comment on this summary