Arts and crafts chain Michaels has reduced prices at all its stores.
CEO Ashley Buchanan announced the price cuts on Thursday, even as inflation affects the economy.
Michaels Cuts Prices on Thousands of Items
Michaels has reduced prices on a wide range of products, including home decor, art supplies, and seasonal items.
Buchanan emphasized the importance of affordability in a recent press release. "It's crucial now more than ever to provide great value to our customers who are trying to make their money go further," Buchanan said.
He added, "By making our most popular items cheaper, we are making creative pursuits more accessible and giving our customers more reasons to shop with us."
Michaels, which operates over 1,300 stores nationwide, is a popular destination for craft supplies and various creative goods.
Michaels has slashed prices on more than 5,000 items, the company announced.
While specific new prices were not disclosed, the reductions include some of the most popular categories.
Paints, markers, and pens have seen a 15% price drop. Items such as vinyl, paper, stickers, and unfinished wood letters are now 20% cheaper. Canvases and T-shirts have seen the biggest cuts, with prices down by up to 35% and 40%, respectively.
The company stated in a press release, "With these new lower prices, customers can be sure they're getting the best value anytime they shop, even outside of traditional sales and promotional events."
Michaels Innovates Amid Industry Changes
The arts and crafts retailer Michaels is undergoing significant changes. The company recently launched its first brand campaign for MakerPlace by Michaels, a new platform that started in November and competes with Etsy.
It also began a pilot in-store marketplace and introduced birthday party planning services for kids aged 4 to 13 across the U.S.
In early March, Michaels announced plans to widen its fabric offerings and distribution to hundreds of stores, aiming to capture market share as its competitor Joann faces Chapter 11 bankruptcy.
In April, Michaels saw its credit rating improve from CCC+ to B- by S&P Global Ratings. The upgrade was due to better operating margins and increased cash flow. According to S&P, Michaels has also streamlined store operations and reduced the negative impact of promotions on its profits.
Other companies are also adjusting their pricing strategies. Last year, the home decor retailer At Home implemented permanent price reductions on thousands of items following decreases in supply chain costs. In November, Ikea reduced prices on hundreds of products.
Just this week, the direct-to-consumer brand Fly by Jing lowered its prices as it began selling in over 2,000 Walmart stores.
Meanwhile, Joann, previously known as Jo-Ann Fabrics, has filed for Chapter 11 bankruptcy. The company, which operates about 800 stores, moved in March to eliminate approximately $500 million in debt.
As a consequence of the bankruptcy, several Joann stores have shut down. Some of these stores held significant liquidation sales, offering up to 90% discounts.
Although inflation has increased slightly in recent months, economic forecasts have become much more optimistic over the past year.
This slowdown in price increases has given companies more flexibility to reduce costs and offer savings to their customers.
Related Article: Best Buy's Strategic Shift: Closing Multiple Stores to Enhance Efficiency, CEO Confirms
