Luckin, Miniso, Mixue, Urban Revivo, Pop Mart, and more.
Take a look at this list of the fastest growing retailers in America. Five below, Dicks, and at number one, Miniso.
That's right. The fastest growing retail brand in America isn't from America. And it's not just Miso.
Mishu, Lucken, Popmart, they're all expanding in the US.
So, why now? China's bubble tea market gives us a pretty good clue. In 2022, there were 400,000 bubble tea shops in China.
Almost half of them closed in a single year. Not because people stopped drinking tea, but because the competition was so brutal that half the industry couldn't survive it.
That same pressure played out in the auto and solar panel industries. Car sold more, solar output rose, profits collapsed.
Across consumer markets in China, companies were selling more and making less. But some companies found a way through.
Luck and coffee got squeezed into building the most efficient coffee operation in the world. No cashiers, no seating, stores the size of a closet, a latte for under $4.
They fought a price war in China, driving prices down to 9.9 yuan, about $1.37 per cup, and one.
Miniso on the other hand, optimized for building the fastest product machine in retail.
100 new products every seven days. And when cheap and fast stopped being enough to differentiate itself, they added IP.
Licensing Pokemon, Steo and Disney.
These Chinese retail brands were cheaper, faster, and arrived at exactly the right moment.
In 2025, American retailers had closed 8,000 stores in a single year.
And as prices rise, three and four American consumers are actively trading down to cheaper brands.
China's retail wars motivated each of these brands to find their winning strategy. Then, America handed them a moment to thrive overseas.
Want more stories like this? Subscribe to the hustle.
