MINISO Group Holding Limited (NYSE: MNSO) has started the 100th physical store and is seen as the fourth opening in Madrid, Spain. MINISO has expanded its business in the Spain market quickly and has nearly 16 stores in metropolitan cities such as Granada, Seville, Malaga, and Barcelona.
Spanish singer Soraya Arnelas has joined the opening celebrations and fans not only got the chance to meet their idol but also had the opportunity to have the shopping of a lifetime as about 80% of MINISO’s goods are priced at lower than 10 Euros. Within the first week, the store managed to hit massive sales targets increasing the franchise’s and the local economy’s confidence in consumer spending.
The inauguration hints at a market expansion amidst an industry-wide scale back and closings. More store openings have been planned before the year comes to end, the most recent being in the Canary Islands on the 14th of November.
Vincent Huang, International Business Vice President, MINISO said, “We aim to open even more new stores across Europe soon. We look forward to welcoming customers in London, Hungary, Iceland, and Italy soon, pending the course of the pandemic.”
Many of MINISO’s European franchisers are renowned operators in the retail industry and are eager for continued expansion in their respective markets. One of the brand’s business partners remarked, “The company plans to open a new store soon, which would be the 3rd location in the Netherlands, adding to their existing footprint in Eindhoven and Utrecht.”