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Pat Catan opens its first store under ownership of Michaels


Michaels Companies will unveil a 26,500-sq.-ft. Pat Catan’s Crafts and Floral store on May 13 – the first opening since Michaels acquired Pat Catan’s parent company earlier this year.

Michaels acquired Pat Catan’s parent company, Lamrite West, Inc., on February 2, for $150 million. The store opening scheduled for May 13 in Norwalk, Ohio, is the first to occur since the acquisition of Strongsville, Ohio-based Lamrite, operator of 32 Pat Catan’s stores.

At 26,500 sq. ft., the new Pat Catan’s store is smaller than the company’s average store size of 32,000 sq. ft. and considerably smaller than other locations the company has opened recently. For example, on January 21, a Pat Catan’s store that opened in Delaware, Ohio, measured 33,000 sq. ft. and last October new stores in Austintown and Oregon, Ohio were 49,000 square feet. The typical Michaels store is about 18,000 sq. ft.

Michaels has indicated that it expects expect Lamrite to generate $225-250 million in revenues, which includes both Darice and Pat Catan’s stores, but did not disclose the number of new Pat Catan stores it expects to open. Rather, Michaels has indicated it plans to open 43 Michaels stores this year, a figure which includes 13 relocations. The company also plans to close 10 Michaels stores and 10 of its Aaron Brothers stores.

Over time, Michaels maintains that its internal real estate and market penetration study shows the combined U.S. and Canadian markets can support approximately 1,500 Michaels stores, but that analysis was done prior to the acquisition of Lamrite, which is also a wholesaler of arts and crafts in addition to operating the Pat Catan’s stores. Michaels has said “the acquisition is expected to enhance our private brand development capabilities, accelerate our direct sourcing initiatives and strengthen our business-to-business capabilities.”
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