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Michaels Companies Inc (MIK) |
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Michaels Companies Inc 's Comment on Competitors and Industry Peers
We are the largest arts and crafts specialty retailer in North America based on
store count. The market in which we compete in is highly fragmented and includes
stores across the United States and Canada operated primarily by small, independent
retailers along with a few regional and national chains. We believe customers
choose where to shop based upon store location, breadth of selection, price, quality
of merchandise, availability of product and customer service. We compete with
many different types of retailers and classify our competition within the following
categories:
Multi-store chains. This category consists of several multi-store chains, each
operating more than 100 stores, including: Hobby Lobby Stores, Inc., which operates
approximately 700 stores in 47 states; Jo-Ann Stores, Inc., which operates approximately
850 stores in 49 states; and A.C. Moore Arts & Crafts, Inc., which operates
approximately 140 stores primarily in the Eastern United States. We believe all
of these chains are significantly smaller than Michaels with respect to net sales.
Mass merchandisers. This category of retailers typically dedicate only a small
portion of their selling space to a limited selection of home décor, arts
and crafts supplies and seasonal merchandise, but they do seek to capitalize on
the latest trends by stocking products that are complementary to those trends
and their current merchandise offerings. These mass merchandisers generally have
limited customer service staffs with minimal experience in crafting projects.
Small, local specialty retailers. This category includes local independent arts
and crafts retailers and custom framing shops. Typically, these stores are single-store
operations managed by the owner. These stores generally have limited resources
for advertising, purchasing and distribution. Many of these stores have established
a loyal customer base within a given community and compete based on relationships
and customer service.
Internet. This category includes all internet-based retailers that sell arts and
crafts merchandise, completed projects and online custom framing. Our internet
competition is inclusive of those companies discussed in the categories above,
as well as others that may only sell products online. These retailers provide
consumers with the ability to search and compare products and prices without having
to visit a physical store. These sellers generally offer a wide variety of products
but do not offer product expertise or project advice.
*Market share is calculated based on total revenue.
Who are Michaels Companies Inc 's Competitors?
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