Each and every item in this variety emporium is priced the same – just $2.80.

Store Director, Mimi Hii, says in Japan its known as the 100 yen store.

"Daiso is a household name similar to 7/11," Ms Hii said.

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From potholders to pencils, lollies to locks, around the world 24 countries have already embraced Daiso. Australia is number 25.

We've welcomed the likes of Costco and Aldi, now Melbourne is the first city to host this latest overseas raider.

"I think its a lot of fun - I think you could spend a whole few hours here seeing things you have never seen before," Ms Hii said.

"It’s really good Japanese quality and its all been quality checked before it was shipped out to Australia."

At first glance it does seem a little like a pharmacy, but delve deeper and there really is something for everyone. And with 120,000 lines to choose form it'll provide real competition for stores like Big W, Kmart and OfficeWorks.

"We've got a great section here for stationary and this going to give everybody in stationary a hard time. Everything you see for $2.80 - you can’t beat that," Ms Hii said.

Director of Retail Studies at Monash University, Dr. Colin McLeod, says Daiso's simple pricing structure will appeal to customers.

"You can go to this store and get good quality products for your 'x' number of dollars. Whether it's the Reject Shop, your Costco or Aldi, Daiso is something to strike a chord with consumers. I think simplicity may in fact be the new marketing tool," Dr. McLeod said.

"We know in Australia people are looking for good products that are a good price and one of the things we found in our research is that post-GFC the level of price sensitivity is much higher than it was prior to the GFC. We think that's probably ingrained in the Australian consumer [sic] for a long time to come."

Mr Hii says custumers will save a third off their bills.

“Eyeliners, mascaras - they've won an award in Japan, the mascara, so that’s how good the quality is," Ms Hii said.

At just $2.80 it seems incredible value. Consumers are used used to paying at least five times that for cosmetics in mainstream stores and the same goes for items like aromatherapy oils, combination locks and watches.

"With my previous work I have traveled a lot and Australia is quite high when it comes to consumer goods and food. This is what Daiso does, they order a million items from the factory so they are able to keep the cost down," Ms Hii said.

Last year the Daiso chain clocked up sales of $3.4 billion and was declared the 10th fastest growing retailer in the world.

Dasio now has every Australian city is in its sights - the chain is set to snap up retail space all over the country and is determined to become a household name.

"I think Daiso have got a model that has been successful in lots of different environments, which is really about saying we can buy in bulk, you know we can buy good quality products at our price and pass those savings on to you," Dr. McLeod said.

It remains to be seen if we're seduced by all its offerings - will we love facial massagers, long, pink, ladies driving gloves, towelling handkerchiefs, stainless steel soap and banana slicers?

And will that low, low price remain?

"Yes - for a long, long time," Ms Hii said.

"Come and check it out."

Extra information

Australia's first Daiso store opens at 9am this Thursday in the Melbourne suburb of Abbotsford:
Shop 23 313 Victoria St

Abbotsford VIC 3067

info@daiso.com.au or visit www.daiso.com.au