I haven't done market research or any work to determine who owns what and who's in control, but at this rate it feels like Michaels the craft store may just accidentally destroy itself.
Their pricing is absolutely bonkers. They don't have prices on most items and have independent pricing based on the customer and time of day. And I've fallen for it! Hook line and stinker! I needed something now and they're the only store that has it. At least since JoAnnes died.
But like I think Michaels must just be publicly traded and a majority of the stock/board is held by similar private equity that killed JoAnnes? Cause that's the only thing that really makes sense to me for why they're doing this. They must be profitable, as far as I know at least, so the point is to squeeze more profit. That isn't sustainable, and they MUST have gotten a boost when JoAnnes left the situation, cause now you're like the only craft store that's consistently in town for my crappy trinkets, right? Besides Hobby Lobby I guess, but so many people hate them they're willing to put up with Michaels bullshit instead. But that only goes so far.
I give Michaels five years before it has the same fate as JoAnnes. And it doesn't even have any competitors! Just squeezed for profits until it couldn't increase anymore and they drive away their market through their hostility, and then sent to the chop shop and scrapped for parts.
It's pretty sad if you're sentimental. And like neutral if you don't give a fuck about crafts or the success of chain stores. I don't care about chain stores, but now there's a gap and I can't get same-day shrinky dinks.
Maybe it's an opening for real small businesses? Unlikely, but that would be funny.
I'm not an economist r nothn' like that, but I do know just enough to speculate for fun. If I actually cared I would do an analysis of company stock ownership, board members, recent strategies the company has made, and compare them to JoAnnes as of like five to eight years prior. For now it's vibes and the vibes are off.
