There are claw machines, Ferris wheels, and carousels appearing in retail stores... This is MINISO LAND, a new park style shopping format recently launched by Miniso in Shanghai. The store gathers well-known IPs such as Harry Potter, Sanrio, Disney, and Chiikawa, focusing on "interest consumption".
MINISO LAND announced on October 29th that it plans to open 100 stores in the Chinese market and 300 stores globally.
As a scenario based IP co branded collection store, MINISO LAND is characterized by narrative layout, immersive scenes, and interactive elements. The First Finance reporter saw on the scene that the MINISO LAND store, located in Nanjing Road Walkway in Shanghai, has nearly 2000 square meters and a total of three floors of space. In terms of categories, it is divided into several special areas, such as cute pet, fragrance and blind box.
Since we upgraded our global brand strategy in 2023, we have focused on 'big stores deliver big results'. Through research, we have found that today's consumers need emotional value, so we need to make our products more fun and provide emotional value to consumers. Therefore, we have partnered with big IPs such as Disney and Harry Potter, which have gained recognition from many consumers and can also drive consumption. "Ye Guofu, founder, chairman of the board, and CEO of Miniso Group, said in an interview with First Financial and other media.
It is worth noting that big IPs such as Disney and Harry Potter are not easy to collaborate with, and they are very particular about details. Usually, the unit price of products in specialty stores is relatively high. Miniso stated that negotiations with such large IPs do require some time, for example, the authorization for Harry Potter began several years ago, and Miniso itself has a strong development team and production supply chain, which can achieve large-scale and customized production of these IP derivatives while maintaining relatively low prices. It is understood that the performance of MINISO LAND stores in Nanjing Road Walkway in Shanghai in the first month of trial operation was nearly 10 million yuan.
In addition to the Chinese market, we have been implementing a 'going global' strategy and expanding comprehensively in Southeast Asia, Europe, and America. We have a total of 7 store models, corresponding to different cities and commercial districts with different models of stores. This time, our MINISO LAND business model is also developing globally. We plan to open 100 MINISO LAND stores in the Chinese market in the future and 300 stores in the global market as a whole. From the specific location selection, MINISO LAND will mainly open MINISO LAND stores in city level markets, main theme stores and sub main stores in regional level markets, and regular stores in community level commercial districts, "said Liu Xiaobin, Vice President and Chief Marketing Officer of Miniso Group.
In addition to creating immersive IP new formats, Miniso also frequently engages in capital activities. Recently, Miniso (09896.HK, MNSO. NYSE) announced the acquisition of 29.4% equity in Yonghui Supermarket (601933. SH) for approximately RMB 6.3 billion, including 21.1% held by Milk Company and 8.3% held by JD.com. After the transaction is completed, Miniso will become the largest shareholder of Yonghui Supermarket.
The market value of Yonghui Supermarket is still very high, but there is still a gap compared to global retail giants such as COSTCO. Business needs diversified development, and there are still many formats and markets to explore potential. However, the essence is to do a good job in products and services, "said Ye Guofu.