Lifestyle product retailer MINISO opened its 100th post-IPO store in Madrid on Nov.6, amidst industry-wide scaling back and closings. The opening in Madrid is the fourth in Spain this month alone, following a flurry of other European and global ribbon-cutting since the brand’s IPO in mid-October. Additional store openings are planned before the end of the year.
“We aim to open even more new stores across Europe in the near future,” said Vincent Huang, MINISO’s international business vice president. “We look forward to welcoming customers in London, Hungary, Iceland and Italy soon, pending the course of the pandemic.”
Spain is one of MINISO’s fastest-growing markets, with 16 stores across major cities such as Barcelona, Sevilla, Malaga and Granada. The new Madrid shop is located in the heart of the posh Salamanca district, allowing customers to enjoy an affordable shopping experience in the traditionally luxury area of Conde Peñalver, as 80% of MINISO’s products are priced lower than 10 euros.
MINISO franchisers believe that the wide variety of well-designed goods at affordable prices will be a draw. Ana Rivera, General Manager of MINISO’s exclusive franchiser in Spain, said they plan to open a new store in Melilla, a Spanish autonomous territory on the northwest coast of Africa, by the end of November.
“Adding a fashionable and affordable retail brand to these popular commercial areas boosts the area economy both for local customers and returning tourists,” Rivera said. “MINISO is the right type of retailer to bring back business to our beaches.”
Many of MINISO’s European franchisers are eager about continued expansion in their respective markets.
Michiel Witteveen, the CEO of the Mirage Retail Group, MINISO’s business partner in the Netherlands, said the company plans to open a new store soon, making it the 3rd location in the Netherlands adding to their existing footprint in Eindhoven and Utrecht.
MINISO also opened 54 stores in one day on October 1 in China, while launching more than 20 shops across Asia, Africa and the United States since October. Notable ones include its 39th location in Los Angeles, and one in the Pacific Mall in New Delhi, India.
MINISO plans to open a new store in a top tourist destination in Indonesia before Christmas, according to Huang.