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It’s part of a plan to open 30 to 50 Miniso stores in B.
C., Alberta, Ontario and Quebec by the end of 2018 and as many as 500 in total across the country over the next few years, says Yi Ma, vice-president of business development for Miniso in Canada.“We’re in a growth phase right now and looking to open as many Miniso stores in Canada as we can while staying profitable, and securing locations that we deem to be strategic,” Ma said.“Miniso has taken this accelerated expansion approach around the globe that has been successful in many other markets.”Miniso, based in Guangzhou, China and co-founded in Tokyo in 2013 by Japanese designer Miyake Junya and Chinese entrepreneur Ye Guofu, operates more than 1,800 stores around the world and had annual revenue of about $1.9 billion in 2016.
Though rival Dollar Tree expanded into Canada in 2010, Montreal-based Dollarama, with 1,125 locations across the country, has about five times the number of outlets as the Virginia-based retailer and few analysts have yet considered it to be a serious threat to the Canadian chain’s dominance in the sector.
But Miniso, with a broader assortment of low-priced basic apparel and a clear aesthetic point of view, just might be, says retail analyst Bruce Winder, partner in Toronto-based Retail Advisors Network.“Nobody is offering low-priced basics like this,” said Winder, pointing to Miniso’s $4.99 sports bras and $7.99 t-shirts.“This will take some share from Dollarama in certain categories.
After debuting its first six stores in Vancouver in the spring, the retailer, which prices the majority of its items at $2.99, opened its first two Ontario locations last month and a third is opening this coming weekend in Newmarket.