JAPANESE lifestyle brand Miniso is banking on the Philippines’ over 100 million consumers for its massive expansion plan in the near term.
Mini Depato Corp. president Michael Hong yesterday said they are eyeing to grow at least 500 stores within five years in key cities of the country.
For Cebu, Hong eyes to open 10 more branches, depending on the province’s population growth and availability of commercial spaces.
Miniso opened its Cebu branch yesterday at the SM City Cebu, its 36th and latest outlet in the Philippines. The lifestyle brand entered the Philippines last year.
Hong said their entry to Cebu signifies the company’s commitment and confidence in the economy of the province, which has over three million consumers.
“It took us a while to open in Cebu because we were waiting for the offer of a nice location,” said Hong. Mini Depato is the Philippine master franchisee for Miniso International (Japan).
“Miniso fits the need of the market as consumers continue to look for good quality products at affordable prices,” said Hong. “So long as people continue to buy, and population grows, we will thrive,” he added.
Hong sees a vibrant retail industry in the Philippines, on the back of the country’s booming economy, expanding middle class, and growing population.
Moreover, he dismissed threats they’d be badly affected by the boom of online trading, as they are also going considering going into a digital platform to cater to the rising e-commerce market.
Hong said tapping the digital platform is already being discussed for the Philippines, but its rollout will depend on the maturity of the online selling and buying market.
Mini Depato has partnered with SM Retail Inc. for its Philippine operations.
Miniso is headquartered in Tokyo and was jointly founded by Miyake Jyunya, a chief designer, and Ye Guofu, a young Chinese entrepreneur, in 2013.
The brand is popular for its range of products, from home and fashion accessories, health and beauty products, office supplies, digital accessories and food and drink at affordable prices.
Over 80 percent of the brand’s product designs originated from Japan, Korea, Singapore, Malaysia, China and other countries.