Xiaomi to Open 30,000 Offline Stores in 2-3 Years, Preparing to Sell Vehicles
William Lu, President of Xiaomi Group China and General Manager of the Redmi brand, said in an interview on Wednesday that Xiaomi’s new internal goal is to open 30,000 stores within two or three years, fully covering China’s county and township markets.
In September 2015, Xiaomi opened the first Mi Home, an offline store, with dual functions of retail and service in Haidian District, Beijing, which laid the starting point for Xiaomi‘s new retail strategy.
At that time, Lei Jun, founder of Xiaomi, put forward the goal of Mi Home at the opening ceremony: to transform the traditional inefficient retail industry with internet thinking, break information asymmetry and realize the integration of online and offline channels.
At the end of 2020, Xiaomi announced the reform of its offline organizational structure and increases in its investment in offline stores. William Lu said at the Redmi Note11 series conference on October 28 that in the past 11 months, Mi Home has covered 80% of the counties in China.
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On October 30 this year, the 10,000th Mi Home was opened in Shenzhen, covering an area of 600 square meters. Its exterior wall is even equipped with a large 3D screen. William Lu revealed that Xiaomi‘s new store covers such a large area for selling cars in the future.
Xiaomi‘s new retail model includes online and offline channels. Its e-commerce channels include Xiaomi Mall and Youpin, while Mi Home is the main offline channel.
With the return of Honor, the domestic smartphone market ushered in a reshuffle in the third quarter. The third quarter report of CounterPoint Research shows that Vivo ranks first in the domestic smartphone market, with a share of 23%. OPPO ranked second with a share of 20%. Honor returned to the third place with a share of 15%. Xiaomi, ranked fourth, has a market share of 14%.