FDD ITEM 20 · FISCAL 2020–2025
MINISO Item 20: outlets, exits & growth
In its latest FDD Item 20 (fiscal 2025, from the 2026 FDD), MINISO reported 13 franchised outlets at year end. 0 of 13 franchised outlets open at the start of the year left the system (exit rate 0.0%, fiscal 2025), while 0 new outlets opened. Systemwide units moved +1070.0% over 2020–2025.
| Status (FTC) | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|
| Outlets at start | 36 | 30 | 53 | 74 | 120 | 275 |
| Opened | 1 | 3 | 3 | 2 | 4 | 0 |
| Transfers | 0 | 0 | 0 | 0 | 0 | 0 |
| Terminations | 1 | 0 | 2 | 1 | 0 | 0 |
| Non-renewals | 0 | 0 | 0 | 0 | 0 | 0 |
| Reacquired by franchisor | 0 | 0 | 0 | 0 | 0 | 0 |
| Ceased — other reasons | 0 | 0 | 0 | 0 | 0 | 0 |
| Outlets at end | 30 | 53 | 74 | 120 | 275 | 351 |
| Net change | -6 | +23 | +21 | +46 | +155 | +76 |
0 terminations + 0 non-renewals + 0 ceased (other) = 0 exits ÷ 13 at start = 0.0%
These are the three FTC Item 20 statuses in which a franchised outlet left the system — including voluntary non-renewals and outlets that ceased for other reasons, which can include sales or absorption into another franchise. Transfers (0) are resales, not exits; reacquisitions by the franchisor (0) are tracked separately. There is no official “failure rate”, and not every exit is a closure or a failure; Item 20 does not say why any outlet left. On a small starting base, a single exit moves this rate sharply.
| State | Franchised | Company-owned |
|---|---|---|
| IL | 3 | 11 |
| TX | 3 | 41 |
| FL | 2 | 23 |
| AZ | 1 | 9 |
| CA | 1 | 80 |
| MI | 1 | 3 |
| MS | 1 | 2 |
| NV | 1 | 4 |
| AL | 0 | 3 |
| AR | 0 | 1 |
| CO | 0 | 6 |
| CT | 0 | 4 |
| DE | 0 | 1 |
| GA | 0 | 12 |
| HI | 0 | 2 |
| IA | 0 | 3 |
| ID | 0 | 1 |
| IN | 0 | 7 |
| KS | 0 | 2 |
| KY | 0 | 3 |
| LA | 0 | 2 |
| MA | 0 | 6 |
| MD | 0 | 6 |
| ME | 0 | 1 |
| MN | 0 | 5 |
| MO | 0 | 5 |
| MT | 0 | 2 |
| NC | 0 | 7 |
| ND | 0 | 2 |
| NE | 0 | 2 |
| NH | 0 | 2 |
| NJ | 0 | 10 |
| NM | 0 | 2 |
| NY | 0 | 10 |
| OH | 0 | 7 |
| OK | 0 | 2 |
| OR | 0 | 3 |
| PA | 0 | 9 |
| RI | 0 | 2 |
| SC | 0 | 3 |
| SD | 0 | 1 |
| TN | 0 | 4 |
| VA | 0 | 12 |
| WA | 0 | 10 |
| WI | 0 | 3 |
| WV | 0 | 2 |
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