Global lifestyle retailer, Miniso has revealed as of the end of 2022, it set a record in India for the highest number of new store openings since the pandemic, estimated at around 60, the most in almost three years. Since the first store opened in Gurugram in 2017, Miniso has set up in 125 cities around the country, and is expected to exceed 220 stores by year-end, including 16 stores in Mumbai.
Around ten of these stores opened in December, one of which is a bright 110-plus square-metre storefront in first-tier city Bangalore on the swanky New Bel Road commercial pedestrian street. This store enabled Miniso to cover strategic business districts in other tier 1 and 2 cities, with further openings in Phoenix Citadel Mall in Indore, Unison Mall in the heart of Dehradun, Ranchi, and Hyderabad, among other cities. In December, Miniso also added another new store in Lulu Mall Thiruvananthapuram, which is the largest mall in India and near Technopark, the largest IT park in India.
In addition to the United States and Indonesia, India, with its large population, economic vitality, and rapid consumption recovery, is one of Miniso’s most important direct sales markets. The country is also among the top three markets for Miniso in South and Southeast Asia and the company is well-positioned for further growth in 2023 having continued to expand store count throughout the pandemic.
Miniso will continue with its flexible store expansion strategy adjusted to market conditions with a focus on opening high-performing stores. Tyrone Li, India head of Miniso, said: “During the pandemic, we adopted a more conservative store opening strategy and having seen the performance potential of first- and second-tier cities, next year we will mainly open larger stores there.”
In terms of e-commerce, Miniso’s focus will be on Amazon and Flipkart, the two leading platforms in India, and Miniso plans to launch products that specifically reflect trends for Indian online consumers.
“We can see the potential for growth in India and will continue to work with our existing and new partners here to boost our growth in the market,” Li added.