As of Oct 28, 2017, the company operated 1,237 Michaels stores in 49 states and Canada, 98 Aaron Brothers stores in 9 states, and 36 Pat Catan's stores in Ohio.
In fiscal 2016, the company: opened 32, closed 5, and relocated 14 Michaels stores; opened 1 and closed 9 Aaron Brothers stores; and acquired 32 and opened 3 net Pat Catan's retail arts and crafts stores. During the first nine months of fiscal 2017, the company opend 14 net Michaels stores and closed 11 Aaron Brothers stores. In fiscal 2017, the company plans to open 17 new Michaels stores and 1 Pat Catan's store, and to close up to 5 Michaels stores and 10 Aaron Brothers stores. Long-term, the company believes the combined US and Canadian markets can support between 1,400 and 1,500 Michaels stores.
Substantially all stores are leased, with the majority of stores having initial lease terms of approximately 10 years, and are generally renewable with increases in lease rental rates.
Michaels Stores average approximately 18,000 square feet of selling space, Aaron Brothers stores average approximately 5,500 square feet of selling space, and Pat Catan's stores average approximately 32,000 square feet of selling space. eMarketer estimates 77.5% of a typical Michaels store, 82.5% of a typical Aaron Brothers store and 82.8% of a typical Pat Catan's store are used for selling space.
|Total gross square feet (M)||30,775||30,485||28,608||27,964||27,259||26,577|
|Total gross square feet growth||1.0%||6.7%||2.3%||2.7%||2.6%||2.4%|
|Avg store gross sq ft||22,400||22,300||21,800||21,700||21,700||21,700|
|Avg store gross sq ft growth||0.8%||2.5%||0.4%||0.2%||-0.0%||0.1%|
Notes:Calculated based on reported selling square footage, and an eMarketer estimate that 77.5% of a typical Michaels store and 82.5% of a typical Aaron Brothers store is used for selling space