Miniso's S$2 stores seek to draw in older buyers
It aims to provide the best bang for the buck with its super cheap yet quality items.
Miniso is already known for selling cheap yet fashionable products, but they are taking it a step further with their S$2 concept stores in Singapore. And they already have their eyes set on cost-conscious, older customers looking for cheap quality goods amidst the high cost of living in Singapore.
First launched at HarbourFront Centre and IMM in October 2019, the concept stores offer a wide-ranging selection from household goods to electronic devices. For example, whereas a pair of headphones would cost around $17.85 (S$25), these stores would sell these for the promised S$2.
The S$2 concept store was initially a trial run aiming to attract older and price-sensitive consumers with a re-selection of goods based on price, a spokesperson told Retail Asia. The company also noted that although Singapore’s economy is considered to be very developed, the cost of living is also very high, which would prompt strong demand from local consumers for consumer goods that are as high-quality as they are affordable.
In particular, many consumers are still taking a wait-and-see approach on Miniso’s collaboration offerings, such as the Marvel x Miniso official licensed store, the spokesperson noted..
“We started with MINISO outlet (S$2 concept stores) as a bridge between the lower price and good quality products that can reduce the psychological burden of consumers’ consumption threshold and build their trust and confidence for MINISO,” Miniso told Retail Asia in an exclusive correspondence.
Since 2015, Miniso has already launched 31 stores in Singapore. It adopted a double model for its business in the city. Besides the S$2 store, it also runs Marvel x Miniso official licensed store, aiming to bring the attention of trendy youth with Marvel-themed merchandise like tumblers, lamps, keychains and plush toys. With this setup, it aims to cover as wide a variety of consumers as possible.
The company plans to expand the categories of its S$2 stores to further cover the demand of their consumers’ daily lives, and bring in more designers and IP products. They are also looking to optimize their operations to eventually form a unique business model for these outlets. Further, they have been gradually setting up S$2 zones in all stores.
“We hope to use this as a market "laboratory" to continuously optimize MINISO's operation model, products and services in the Singapore market,” they said.