Michaels in big price-cutting move
The Michaels Company has gone back to 2019.
The arts-and-crafts retailer said it has lowered prices on more than 5,000 items across categories that include home décor, art supplies, seasonal items, kids' projects, wall frames and more. With the cuts, many of Michaels prices are now on par with 2019 levels, a company spokesperson told Chain Store Age.
The prices of frequently bought items such as paint, markers and pens have been reduced by up to 15%, while the prices on adhesive and permanent vinyl, papers, stickers and unfinished wood letters have been cut by up to 20%. In addition, prices on canvases have been reduced by up to 35%, and t-shirts have been reduced by up to 40%.
As to how Michaels is getting the word out to customers, the company spokesperson said the retailer is using a mix of tactics including direct email, weekly ad placement, paid social ads, in-store signage and price flags, and homepage placements on its web site.
“It’s more important than ever to deliver exceptional value for every customer looking to stretch their dollar,” stated Ashley Buchanan, CEO at Michaels. “By lowering prices on thousands of our most popular items, we’re making creativity more affordable and giving our customers even more reasons to choose Michaels.”
The price reductions come on the heels of a busy year for Michaels, which recently announced the U.S. launch of in-store birthday parties, an expanded fabric assortment and the first brand campaign for MakerPlace by Michaels, an online marketplace for handmade goods, classes and how-to's, as well as an in-store selling pilot at Michaels stores for MakerPlace sellers.
“We launched MakerPlace by Michaels with the goal of becoming the best place for handmade sellers and their customers,” stated Buchanan. “Our latest efforts, including our first brand campaign and an in-store selling pilot, are just the beginning of what we have planned to deepen our support for the independent handmade community.”
Michaels operates more 1,300 stores in 49 states and Canada. It also owns Artistree, a manufacturer of custom and specialty framing merchandise, and MakerPlace by Michaels.