Thursday, May 18, 2017
MINISO, an Asian ‘variety’ retailer that opened its first Canadian store in Vancouver last month, says it could eventually operate as many as 500 stores in Canada, according to a Retail Insider report.
The value-based retailer positions itself as a “Japanese lifestyle brand” and might be classified as a variety store. It specializes in household and consumer goods including cosmetics, stationery, toys and kitchenware. It was co-founded in 2013 by Japanese designer Junya Miyake and Chinese entrepreneur Ye Guo Fu, and is headquartered in Guangzhou, China.
MINISO launched its North American expansion last month with individual stores in Pasadena, Calif., and in Vancouver. Next week, MINISO will open its second Canadian store at Tsawwassen Mills, south of Vancouver, and in July two locations are confirmed – one at West Vancouver’s Park Royal, and another at 550 Granville Street, across from Holt Renfrew. According to Jack Liang, market development manager for MINISO (Canada) Store Inc., the retailer will open between 30 and 50 stores in Canada over the next 12 months, with the potential to operate as many as 500 Canadian stores in the coming years.
Liang says the retailer is looking to blitz the Canadian market with stores utilizing a franchise model. MINISO plans to target major cities including Toronto and Montreal.
If things go as planned, MINISO could significantly disrupt a segment of Canadian retailing, particularly those in the value-priced variety retail space, the news report says.
Homegrown chain Dollarama, which says it plans to eventually operate 1,700 stores in Canada, could feel an effect if MINISO gains traction. Depending on the extent of MINISO’s product assortment, even larger chains such as Canadian Tire could see competition in certain product categories.