China's Miniso to double US stores, add NY 'flagship' as pandemic slashes mall rents
The Peninsula
BEIJING: Chinese retailer Miniso Group will open a 'flagship' New York store and nearly double its U.S. outlets this year, betting post-pandemic shoppers on a budget will snap up cheap but fun goods for homes and work like $10 soft toy cats and $4 staplers shaped like avocados.
At less than 60 outlets, Miniso's U.S. presence will still be dwarfed by giant low-price retailers like Dollar Tree , as well as its own home Chinese base of nearly 3,000 stores.
But Miniso says it's moving quickly to take advantage of lower rents in the pandemic-hit U.S. economy, and Vincent Huang, a company vice president responsible for overseas business, told Reuters he ultimately sees potential for "thousands" of U.S. stores.
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