Why is Miniso Closing in South Africa
What is called Miniso?
Miniso is a low-cost retailer and variety shop chain headquartered in China that focuses in domestic and consumer goods such as cosmetics, stationery, toys, and kitchenware.
Who is the founder of Miniso?
Ye Guofu is Miniso’s founder and Chief Executive Officer (CEO).
When was Miniso established?
Miniso was established in China in 2013 and is headquartered in Guangzhou.
When was Miniso first store launched in South Africa?
Miniso opened their first African store in August 2017 at Menlyn Park Shopping Centre in Pretoria, South Africa.
In South Africa, how many Miniso outlets are there?
Miniso has 20 outlets in South Africa, with 11 corporate and 9 franchised stores.
How much does it cost to open a Miniso store?
Miniso has an initial franchise fee of up to $20,000/R 343,636.
How many Miniso stores are there worldwide?
Miniso currently has over 4,500 stores in over 90 countries worldwide, including the United States, United Kingdom, Canada, Australia, Spain, the United Arab Emirates, India, and Mexico.
Why is Miniso closing in South Africa?
The problem was that over ZAR 70 Million (nearly USD 5 Million) worth of stock was not suited to the South African market and were not selling. Miniso’s management in China have refused any demand for new stock until the current stock was sold.
Why did some franchise stores of Miniso closed down in 2019?
Miniso had stopped delivering stock to any of the 9 franchise stores as of November 1, 2018, so its franchise stores in Boardwalk, Mall of the North, Fourways, and Canal Walk were forced to close on October 31, 2019 because there was nothing left to sell.
