As of May 5, 2018, the company operated 1,243 Michaels stores in 49 states and Canada, 3 Aaron Brothers stores, and 36 Pat Catan's stores in Ohio.
In fiscal 2017, the company: opened 17, closed 2, and relocated 12 Michaels stores; closed 12 Aaron Brothers stores; and opened 1 net Pat Catan's retail arts and crafts stores. During the first quarter of fiscal 2018, the company opened 5 net Michaels stores and closed 94 Aaron Brothers stores. The company plans to reposition Aaron Brothers as a store within a “store-within-a-store”. Additionally, the company will open 19 new Michaels stores and relocate 17 Michaels 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)||30,281||30,792||30,485||28,608||27,964||27,259|
|Total gross square feet growth||-0.7%||1.0%||6.7%||2.3%||2.7%||2.6%|
|Avg store gross sq ft||23,600||22,500||22,300||21,800||21,700||21,700|
|Avg store gross sq ft growth||5.6%||0.7%||2.5%||0.4%||0.2%||-0.0%|
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