29 June 2016
Xiaomi is currently valued at an astonishing $45 billion which makes it the hottest Chinese startup and one of the world's hottest startups with next to the likes of Uber. But like many of the previously crowned tech unicorns, it is now going through tough times when it comes to expansion beyond China and declining smartphone sales which account for a huge chunk of its revenue.
This is the reason Xiaomi has started to look for different ways for boosting the sales and revenue. The Chinese brand is reportedly planning to open about 200 to 300 physical retail stores in China. It has a goal of opening 50 to 60 stores of the overall number by the end of this year.
This move, if true, is an interesting one and completely opposite to what Xiaomi opted for in the beginning. Xiaomi is one of those companies which sells its smartphones only via online sales model consisting of its own official store and third-party websites. It has said that the company is targeting consumers from smaller Chinese cities who still prefer physical stores over online shopping.
But it is not like it's Xiaomi's first attempt at opening brick and mortar stores. It has already opened 25 Mi Home stores in China but it does not sell smartphones through them. They are focused on selling Xiaomi's smart home products like rice cookers, mood lights, and Bluetooth speakers.