$1,966 $m
While Michaels’ core arts and crafts customers remain loyal, its shopping experience is now highly uneven after the company abandoned its Inspiration concept, re-cluttering and understaffing stores. However, it is increasing focus on Hispanic shoppers, tweens and teens by introducing specific products, classes and events. The brand has found success with celebrity brands, recently launched an online holiday project planning tool and produced a web-based reality show called “Craft Master.” Interestingly, the retailer is still without an e-commerce channel. Expansion into Canada continued with seven new stores. The company, owned by Bain Capital Partners and The Blackstone Group, is in the process of going public.