Shanghai, October 14 (Xinhua) - Miniso and Meituan announced on the 14th that they have reached a deep strategic cooperation, with instant retail business as the focus of cooperation and accelerating the layout of lightning warehouses. Miniso will launch over 800 "24-hour super stores" in the form of lightning warehouses on Meituan within this year, serving consumers' immediate needs for "online ordering and fastest delivery in 30 minutes".
Ye Guofu, Chairman and CEO of Miniso Group, stated that Miniso continues to be optimistic about the development prospects of instant retail and flash warehouse formats, and hopes that this cooperation will become a new starting point, making the 24-hour super store, a flash warehouse format for instant retail, the second growth curve of Miniso's domestic market.
Wang Puzhong, the core local business CEO of Meituan, stated that Meituan will leverage the synergistic effect of home and store visits to support Miniso's exploration of new business formats. Currently, the layout of lightning warehouses has become the mainstream trend and inevitable direction of the evolution of the instant retail industry. This collaboration between the two parties will become a benchmark cooperation in the industry.
Since joining Meituan in 2018, the average annual growth rate of new customers for Miniso brand has exceeded 70% over the past five years. The deep strategic cooperation between Miniso and Meituan marks a further upgrade and deepening of their cooperation in the field of instant retail.
Xiao Kun, Vice President of Meituan and Head of Flash Purchase Business Unit, stated that in order to explore the new business model of Flash Warehouse for Miniso, both parties will carry out deep collaboration in site selection, inventory, operation, organization and other aspects. In addition to the instant retail business, both parties will also explore cooperation in the in store business. Based on the scenario of user in store consumption, Meituan will provide multiple digital marketing support to Miniso.
The "Instant Retail Industry Development Report (2023)" released by the International Trade and Economic Cooperation Research Institute of the Ministry of Commerce shows that the instant retail industry has maintained a high-speed growth rate of over 50% in recent years. The market size has exceeded 500 billion yuan in 2022, and it is expected that the instant retail market size will triple by 2025. With the rapid growth of this trillion dollar market, the layout of lightning warehouses has become one of the core driving forces for the growth and evolution of the instant retail industry.
Chen Zhenjie, the head of instant retail at Miniso, said, "Since its first store was opened in January this year, Miniso has opened about 500 24-hour super stores, with a cumulative performance exceeding 100 million yuan. Therefore, Miniso has decided to accelerate its exploration of this industry and will launch over 800 24-hour super stores within the year. 24-hour super stores prioritize coverage in super first tier and first tier cities, as well as popular travel cities with high demand for online consumption. In the future, the product differentiation rate between 24-hour super stores and regular offline stores is expected to reach 70%.