Pop Mart opens Sentosa store with bakery as domestic sales slow

Chinese toymaker Pop Mart International accelerated its global expansion on Wednesday by launching a new store on Singapore’s Sentosa Island, directly opposite Universal Studios Singapore. This two-floor venue houses Pop Mart’s collectible toys on the ground floor and the company’s first overseas Pop Bakery dessert line upstairs. The opening comes amid slowing domestic sales and normalizing demand after a strong intellectual property (IP) cycle in 2025. Analysts note that improved inventory availability has reduced the scarcity-driven traffic that previously defined the brand.

Morningstar senior equity analyst Jeff Zhang called the Sentosa store “the future form of retailing for Pop Mart,” with mixed-type offerings. He predicts more such duplex stores will open in underpenetrated markets, especially North America and Europe. Beyond Pop Bakery, the company has growth levers in theme parks, films, games, and licensing. Non-toy revenue is expected to surpass 20% of total revenue by 2030, up from 12% in 2025. However, Zhang warns that year-on-year revenue growth will likely slow further in the second half of 2026 due to a high-base effect from last year.