The company's stores by this point averaged 16, square feet and were located in highly visible strip shopping centers near shopping malls. Of the merchandise gracing the company's store shelves--general crafts, home decor items, picture frames, art and hobby supplies, party supplies, wearable art, and seasonal and holiday goods--silk and dried flowers and plants still accounted for the bulk of Michaels' sales, generating a fifth of its annual revenue volume.
As store expansion continued in , Michaels added another retail concept to its widely popular Michaels format. Located primarily in California, where the greatest number of Michaels stores were located, the Aaron Brothers stores offered professional custom framing services, sold photograph frames, and stocked a full line of ready-made frames, as well as a broad selection of art supplies.
The company anticipated opening between 50 and 55 new Michaels stores in , but was beginning to scale back its expansion plans to achieve greater operational efficiencies. Between and , the company's expansion of store units had increased at a compounded annual rate of 33 percent; for the future the store growth rate was targeted at 15 percent.
As the company charted its course for the late s and the beginning of the 21st century, Michaels officials saw the potential for stores in the United States and in Canada, an estimate that set the stage for another decade of robust growth for the year-old company. Michaels' impressive rate of expansion continued as the s progressed, but only after the company dealt with some serious problems related to its rampant growth. Worse still, the company was running out of cash. In late , R. Michael Rouleau arrived as the company's new chief executive officer, inheriting a mess that called on his four decades of retail experience to clean up.
Rouleau revamped the chain's units, met with hundreds of vendors, and devoted more resources to the company's custom framing business, Artistree, which began as two small manufacturing shops started by Michaels in Rouleau's most significant changes were directed at Michael's single greatest problem: inventory management.
The equipment and systems used by the company to track inventory were antiquated, dating back to the earliest days of the personal computer. The changes worked wonders, resulting in an average increase in profits of 35 percent compounded annually during the first five years of his tenure.
With the revamped, sophisticated infrastructure to support expansion, Michaels grew aggressively around the end of the century. The company added significantly to its two chains, Michaels and Aaron Brothers, and diversified into new business areas. In , the company purchased a one-store florist and decorating supplies operation in Dallas that became the foundation of its Star Decorators' Wholesale Warehouse business. The company envisioned its wholesale business eventually occupying 50 locations.
In , the company added another dimension to its business by creating an arts-and-crafts store for smaller markets. The first store, roughly half the size of a typical Michaels store, debuted as Village Crafts by Michaels, a concept designed for communities with populations ranging between 70, and 90, Rouleau and his team identified markets in the United States as ideal locations for the company's Village Crafts concept.
Roughly a year after introducing its smaller-store format, the company introduced yet another concept. In mid, the company opened a pilot store in Dallas named ReCollections, a store catering to those who liked to assemble scrapbooks. By the end of , Michaels stood as a giant in its industry. There were Michaels stores in operation in North America, with company officials setting 1, stores as the concept's saturation point. The company's Aaron Brothers chain, which it had acquired as a store chain located exclusively in California, had flowered in a store chain spread across eight states.
The company foresaw Aaron Brothers as a store chain. With the company's three other concepts--Star Decorators', Village Crafts by Michaels, and ReCollections--offering further room for expansion, Michaels had no intention of slowing its pace of expansion. By , Michaels planned to open 1, additional stores, an ambitious goal that promised aggressive expansion throughout the decade. If you need assistance picking out the right type of paint or creating special bundles for a large group project, please contact us.
We are happy to help you create custom kits and projects for your organization. Frames are an essential part of creating an inspiring space for learning. Use our affordable frames to celebrate student achievements, highlight important classroom rules, and share beautiful messages. Go beyond simple wall and tabletop frames: Shadow boxes add dimension, and specialty display cases are ideal for preserving and displaying important artifacts. Many standard photo and document sizes are available, so you can frame anything from a business card to a large event poster with ease.
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