Lifestyle product retailer MINISO is rolling out retail stores in the US under a new banner, $10 N’ Under, at a time when the deep value retail sector is rapidly changing.
The MINISO announcement also follows others by Dollar Tree and more recently 99 Cents Only about partnering with Instracart for delivery to consumers, which, at least to an extent, undermines the treasure hunt shopping dynamic of stores. After all, dollar stores have always counted on the consumer coming in for an item or two and leaving with any number of I-couldn’t-pass-it-by bargains. Now, 99 Cents Only, in its case, has a dedicated web page to drive shoppers to Instacart-delivered purchases.
MINISO today operates about 38 stores in the United States, and 4,600 in 95 countries around the globe, according to the company. It has only recently placed a strong emphasis on North America but has been busy lately including with a move of its headquarters from Los Angeles to New York.
The first four stores $10 N’ Under stores in the concept launch opened in Santa Clara, Sacramento, and Concord in California, and in Tysons, VA, on October 2.
With a wide range of locally sourced products, the ‘$10 N’ Under’ concept emerges from MINISO research demonstrating strong consumer demand for items priced under $10, the company noted. Be that as it may, not everything at the new stores will fall under that designation but 95% will, the company stated.
“$10 N’ Under represents a key milestone in MINISO’s ongoing development efforts in the US market. With an innovative integrated supply chain that combines distribution from MINISO headquarters with locally sourced products, $10 N’ Under enables us to increase the richness and cost-effectiveness of our product offering,” said the company’s overseas vp, Vincent Huang, in announcing the new format roll out.