Source: Company websites and publicly available data, JLL Research

The market growth has prompted ACG brands in China to focus more on offline expansion. ‘Guzi’ stores are expanding rapidly and becoming a popular destination for young Chinese consumers. These stores are fandom-driven and sell licensed anime and game figurines, which are usually priced from 10 to several hundred yuan. March Monster, for instance, has opened over 30 stores in 2024 as of November, exceeding its yearly target, and plans for more aggressive expansions in the next two years. This growth also reflects the increasing spending capacity of China's youth. 

Figure 2: Store count of select ‘Guzi’ retailers