On October 30th, Xiaomi ushered another significant moment in its development of New Retail business model: the 10,000th Xiaomi Store in mainland China was opened in Shenzhen, Guangdong. The store is located amongst one of the most bustling commercial areas in the city, occupying an entirely independent building of 600 square meters, equipped with a large naked eye 3D LED display.
Lei Jun, Founder, Chairman, and CEO of Xiaomi congratulated the opening of the 10,000th Xiaomi Store on his Twitter. Lu Weibing, Partner and Senior Vice President of Xiaomi Group, and President of China Region, President of International Department, and General Manager of the Redmi brand, said: “The opening of the 10,000th Xiaomi Store marked a new milestone-like breakthrough of the New Retail of Xiaomi.” Lu Weibing addressed that no matter how the company’s business goes, the initial vision of Xiaomi New Retail will always remain the same: letting every Xiaomi Fan have a Xiaomi Store close to homes, and allowing everyone to experience and purchase amazing Xiaomi products conveniently with reasonable prices.
The 10,000th Xiaomi Store adopts the brand-new “Xiaomi Store 4.0” concept, with a minimalist style and futuristic technology feeling. This also serves as a multi-function store that provides both sales and services. Customers can have hands-on experience and purchase almost all Xiaomi products, including the flagship smartphones, such as Xiaomi MIX FOLD and Xiaomi 11 series, the newly released Redmi Note 11 series products, and many AIoT products. At the store, all customers are allowed to return the purchased products for up to 7 days after purchase with no strings attached, and 15-day free replacement (including online purchases), plus one-year free in-store maintenance during the warranty period. Xiaomi also warrants repairing and other quality services of the products sent by customers at any service stores in Mainland China. In addition, the store also provides the options of ordering online and picking up items at the store, while having access to other related services on a regular basis.
In November 2020, Xiaomi announced a new goal: to enable every Xiaomi Fan to have a Xiaomi Store nearby in the future. As a result, Xiaomi New Retail has entered a stage of rapid expansion and is setting a record of 27 new Xiaomi Stores opened per day in Mainland China. In the past 12 months, a total of nearly 8,000 Xiaomi Stores have opened.
New Retail is one of the three pillars of Xiaomi’s “Triathlon” business model, along with smart hardware and Internet service. At the beginning of Xiaomi’s foundation, Lei Jun proposed that the Internet model could be implemented in retail to achieve higher efficiency, which could reduce the cost of sales and operation, therefore improving user experience. It has been proven that Xiaomi Stores have grown because customers trust them to provide products and services in an efficient and friendly way. Currently, Xiaomi Store is expanding rapidly not only within Mainland China but also in all markets around the world and receiving warm welcomes from customers. This not only increases more access for its consumers around the world to experience Xiaomi products directly but also shows Xiaomi’s relentless efforts in business advancement.
Lu Weibing said, “We believe that everyone has the right for a better quality of life through innovative technology, simply because the gap to a high quality of life should not be out of reach.”