Miniso Surpassed Costco to Become the Fastest-Growing Retailer in the U.S.

A Chinese lifestyle brand took the top spot in the National Retail Federation’s (NRF) ranking of the fastest-growing retail companies in the United States. Miniso is surpassing industry giants such as Costco, while several companies—including AT&T and Verizon—appeared on the list for the first time.

The NRF ranked Miniso as the fastest-growing retail chain after the Chinese firm posted a sales increase of approximately 53% in the U.S. Reaching national revenue of $466 million; it thereby surpassed Dick’s Sporting Goods. Which took second place with 49% growth after reporting a rise in revenue to $13.6 billion.

Miniso made the list for the first time alongside eight other retail chains, including Dick’s, AT&T, Verizon, Casey’s General Store, Ulta Beauty, RH, and J.Crew.

According to the NRF, Miniso—which became well-known for its viral blind boxes and partnerships with companies like Minecraft and My Little Pony—took the top spot because of the popularity of its reasonably priced lifestyle products, its «emphasis on discovery-based shopping experiences,» and its ongoing growth in the United States.

Daiso Sangyo (25.8% growth), Primark (24.2%), and Five Below (22.9%) rounded out the top five. While Costco ranked 18th after posting 8% growth and generating $15.8 billion in sales.

With an estimated net worth of $1.6 billion, Ye Guofu, CEO of Miniso, started the retail chain in 2013 and went public on the New York Stock Exchange in 2020. Miniso advertised itself as a Japanese-inspired brand at the time. But Ye and the firm both issued an apology for that marketing tactic in 2022, and they have since eliminated Japanese features from their store designs and logos.

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