September 27, 2020

Michaels Launches Two Concept Stores With Maker Strategy

The Michaels Companies, Inc. MIK is leaving no stone unturned to provide enhanced shopping experience. It is focused on reinventing its store formats with a new in-store layout, inspiration hubs and an innovative checkout design under its core Maker strategy. Per the plan, it transformed two of its existing retail locations in the North Texas suburbs of McKinney and Plano into testing and learning concept stores for a more engaging shopping experience.

The new concept stores are designed with concrete floors, updated signage and lower fixtures to enable easy view and navigate of store assortments. Further, the stores feature inspiration and trend hubs in the fine art, kids, seasonal and custom framing department, which enable trying out floral arrangements and fine arts before making a purchase. The new “maker space” in the store will also enable makers to take classes, watch instructor-led projects on display screens or simply use the space and supplies free of charge.

The stores are also equipped with an updated checkout system that facilitates shop and scan capabilities. The checkout systems are devised to serve as additional storage for orders, providing enhanced omni-channel capabilities like curbside, delivery and buy online pick up in store.

Of the new concept stores, the McKinney store opened in March 2020 and the Plano location is expected to be inaugurated on Sep 12.

Michales’ core ‘Maker’ strategy aims at building the business better, leveraging digital and data, and repositioning the business. Management remains optimistic about Maker strategy and foresees positive momentum in fiscal 2020 and beyond.

Notably, Michales is among the few companies that have been grooming itself for the current environment and preparing for the future. Yesterday, the company announced plans to hire 16,000 associates for seasonal positions across the United States and Canada to prepare for the upcoming holiday season. The hiring will comprise of position for team members across the organization. Moreover, the company expects to strengthen its buy-online, pickup in-store (BOPIS) team to provide a safe and convenient shopping experience to customers during the holiday season.

We note that shares of this Zacks Rank #1 (Strong Buy) company have gained 83.4% in the past three months compared with the industry’s growth of 15.4%.

 

 

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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