Published On: Tue, Sep 14th, 2021

China’s Miniso to Double US Stores, Add NY ‘Flagship’ as Pandemic Slashes Mall Rents

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BEIJING—Chinese retailer Miniso Group will open a flagship store in New York and nearly double its U.S. outlets this year, betting post-pandemic shoppers on a budget will snap up cheap goods for home and work like $10 soft toy cats and $4 staplers shaped like avocados. At less than 60 outlets, Miniso’s U.S. presence will still be dwarfed by giant low-price retailers like Dollar Tree, as well as its own home Chinese base of nearly 3,000 stores. But Miniso says it’s moving quickly to take advantage of lower rents in the pandemic-hit U.S. economy, and Vincent Huang, a company vice president responsible for overseas business, told Reuters he ultimately sees potential for “thousands” of U.S. stores. The plan highlights the vaulting ambition of a company founded just eight years ago in Guangzhou that now reels in about $1.41 billion in annual revenue, and is listed in New York with a …

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