|A view of a MINISO store in Vietnam - Photo: MINISO
With the influx of foreign investment, the rise of a large number of urban commercial complexes, and the consumption habits of the Vietnamese changing from the traditional street-front vendors to the shopping malls, MINISO has seen favorable conditions created to adjust its expansion strategy in the Vietnamese market, moving from crowded neighborhoods to malls and shopping centers.
Since its establishment in September 2016, MINISO Vietnam has adopted the strategy of development around key cities, centering on Ho Chi Minh City in the south of Vietnam and Hanoi in the north, noted general manager Ted, adding that the 17 stores in Ho Chi Minh City, 19 in Hanoi and four in different provinces have performed prominently in the local market.
With high quality and affordable prices as well as exquisite design, MINISO has targeted young consumers aged from 18 to 35.
Last October, MINISO sealed cooperation with Vincom, Vietnam’s largest commercial real estate group, to pave the way for the brand’s future development in the country’s major commercial and shopping centers, Ted said.
For the future strategic transformation of the local market, MINISO has not only cut deals with Vincom, but also worked with Vietnamese super star Son Tung M-TP as its brand ambassador with an aim to build positive brand image of MINISO among local consumers and deepen their awareness of the brand.
The general manager also revealed that the company’s 10,000-square-meter sorting warehouse in will be put into use in mid-2018, providing strong support for store digital operation and analysis as well as the whole logistics supply chain.
MINISO has opened more than 2,600 stores in 62 countries and territories worldwide to date, including the US, Australia, Canada, the Republic of Korea, Japan and China.
In 2017, its turnover gained US$1.8 billion, double that of 2015.
With a high growing rate, MINISO is expected to open 10,000 stores throughout the world by 2022, among which there will be 400 stores being opened in Vietnam.