Michaels Expands with New Shops and Former Joann Locations
Michaels, the popular arts and crafts retailer, is expanding its offerings and picking up market share following the liquidation of Joann and the bankruptcy of Party City. The company has launched two new in-store concepts, The Knit & Sew Shop and The Party Shop, and is reopening former Joann locations.
The Party Shop offers an extensive range of party supplies, from DIY balloon arch kits and themed paper goods to a balloon bar. Customers can find items starting at just $0.99 and enjoy convenient services like scheduling balloon pick-up times, building custom bundles online, and arranging deliveries. Michaels has also discounted over 200 party products by 25% to 70% and introduced in-store birthday parties priced at $149.
Michaels is also bolstering its craft supplies with The Knit & Sew Shop, which increases the retailer's yarn selection by 25% and fabric space by 25%. The shop features threads, sewing notions, yarn, and fabric, and is co-branded with both Michaels and Joann logos. Fabric is now available in 840 Michaels stores, with plans to add it to 250 more by mid-October. Additionally, fabric cutting tables will be available in over 650 stores by the same time.
Following Joann's liquidation and Party City's bankruptcy, Michaels is seizing the opportunity to expand its market share. The retailer is reopening three former Joann locations as Michaels stores by the end of the year and has taken over the lease agreements for three more Joann stores in Arkansas, Texas, and California, set to reopen in the fall. A recent Numerator study revealed that 74% of shoppers would shift their purchases to Michaels or Hobby Lobby in light of Joann's closure, indicating a strong potential for growth.
