Shopping Centers Today

JUN 2017

Shopping Centers Today is the news magazine of the International Council of Shopping Centers (ICSC)

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says. The idea is to open roughly 25 U.S. stores this year, with the ultimate aim of having about 50 in total by the end of next year. "The U.S. market is full of untapped opportunity," said Yu. "With many big-name retailers shut- ting down and selling mostly online, we feel that there is still a need for high-quality, high-demand products at low prices." As it has done in other markets, Miniso seeks to open many of its stores in shopping malls. "Our rela- tionships with mall operators help us to rapidly seek out locations in many cities [around the world]," said Yu. The typical Miniso U.S. store will mea- sure roughly 3,000 square feet, the company says. The growth pace is especially rapid in China, where the company is re- portedly rolling out at least 80 stores per month. Elsewhere, it opened seven stores in five countries on one day alone in February (debut stores in some of the five, but not all): the Phil- ippines; Singapore; Indonesia; Nepal; and Dubai, United Arab Emirates. Four days after that, the company opened its first three stores in Turkey. It also operates in Mexico. And the company has formed partnerships for new markets this year in Canada, Germany, Israel, Kazakhstan, Madagascar, Spain and Ukraine. "Miniso has proven to be a global success story wherever it has opened — from Australia to Indonesia, and now in North America," said Michael Hirschfeld, a JLL executive manag- ing director of national retail tenant services. (The firm has no business link with Miniso.) "The company is nimble — [it] engages not only its customers amazingly well, but also engages the overall markets." The wide merchandise range appeals to an equally wide range of consumers, but, perhaps unsurprisingly, the electron- ics products and accessories are most popular with the 18–35 age group, says Hirschfeld. Miniso is unfazed about the fact that it is not yet well known in the U.S. The high levels of brand recognition it en- joys in other countries will "spill over into U.S. markets," said Yu, and he is not alone in expressing that confidence. "Based upon their success in Asia and elsewhere in the Far East," said Hirschfeld, "they can be expected to have equal success as they broach North America." n Requests for U.S. leasing information may be di- rected to Ben Yu, COO, at Benyu@miniso.com. Contact: Kathy Mitchell (440) 354-7513 www.concordtwp.com/Concord-RFPs Username: C O N C O R D R F P Password: c o n c o r d r f p 2 0 1 7 ! 90 76 80 CLEVELAND CONCORD TOWNSHIP AKRON CANTON LAKE ERIE Interactive RFP Issuance: May 15, 2017 Master Developer Solicitations Opportunity For A New, Premier Mixed-Use Town Center Destination 7-120+ AC Master Plan Improved Sites Available in One of NE Ohio's Fastest Growing Communities: Concord Twp, Lake County 360,000+ SF Mixed Use 500,000+ SF Commercial/Office 170+ Units Residential Civic, Recreation, Education From the editors of Shopping Centers Today, SCTWeek is an e-newsletter delivered to your inbox every Friday morning with the week's most important news and announcements. Sign up at www.icsc.org/sct/sct-week

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