Michaels pilots new store concept in Irving
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The Michaels in Irving now has displays called "signature moments" to give customers inspiration, the company's CEO says. Photo: Naheed Rajwani-Dharsi/Axios
Michaels is testing a new store concept in its hometown of Irving to make shopping for arts and craft supplies feel more like an experience.
Why it matters: The end of Party City and JoAnn presented new business opportunities for Irving-based Michaels, which filled the gap by expanding its party supplies, fabric selection and yarn options.
The latest: The company is testing the format in Irving and Easton, Ohio, and plans to expand it to roughly 1,300 stores after seeing how customers respond to the changes.
Vibe check: A window in the store's entryway overlooks a party room that can host birthday parties and other other events such as sewing classes and ornament making.
- The store has a fresh flower bar, thousands of fabric swatches, an expansive party section and a personalization area for custom embroidery, engraving and vinyl orders.
- "To be really good at this business, you have to cycle trends constantly, and we do it. We develop — I'm going to say — 24,000 new SKUs a year," Michaels CEO David Boone tells Axios, referring to stock keeping units or unique products.
Follow the money: Because Michaels is privately owned, Boone declined to give revenue figures. But, he says, the company has gained millions of customers since Party City and JoAnn closed.
Zoom in: The "artful entertainer" is one type of customer that the company hopes to cater more to with the new concept, Boone says. These are the hosts who have runners on the table, party favors or name cards for each guest.
- "They want to create an experience for their guests, and they want to have shown some effort and some personalization," he says.
- But, there's also the casual crafter in search of inspiration — like the Irving High School students roaming the store on Friday to buy supplies for their senior boxes.
The bottom line: "We define [Michaels] as fueling the joy of creativity and celebration," Boone says.
- "That's a big tent, so a lot of it is being very choiceful around what you put in stores, what you put online, and the experience you create for customers," he says.