Michaels is cutting prices on more than 3,000 items, the arts-and-crafts retailer announced this week, as it steps up efforts to appeal to shoppers paying closer attention to their budgets.
The cuts span a broad array of categories, including arts and crafts, The Party Shop, The Knit & Sew Shop, DIY, home décor and more, according to a news release.
On average, the reductions take about 10 percent off the original price, covering everything from 34" foil number and letter helium balloons, watercolor paint sets, and assorted paper crafts to essential crafting supplies like paint, markers, adhesives, unfinished wood, and DIY materials such as FloraCraft WetFoM.
This latest move marks the final phase of Michaels’ multi-month, value-focused initiative. It follows a year of strategic price reductions, including more than 5,000 discounted items, as well as lower costs for in-store party services and select party products.
The move comes as retailers across the country adjust to changing shopping habits. Consumers at all income levels are becoming more price-conscious, often turning to discount stores or cheaper alternatives. Analysts say that shift is forcing companies to walk a fine line between keeping prices competitive and protecting their bottom line.
At the same time, Michaels is trying to strengthen its position in a changing retail landscape. The company says it is looking to attract shoppers who once relied on competitors like Party City and Joann, while leaning into its role as a more affordable destination for crafts and celebrations.
Economic pressures are adding urgency to those efforts. Rising gas prices and ongoing global uncertainty have raised concerns about weaker consumer spending, and surveys show more shoppers are trading down to lower-cost brands. For mid-market retailers like Michaels, that makes value-focused strategies even more critical.
The latest price cuts “reflect our ongoing commitment to delivering value to our customers every time they shop with us,” Michaels CEO David Boone said in a statement.
“Our mission is for Michaels to be the go-to destination for creating and celebrating in every community, and that means making it easier and more affordable for everyone to create, celebrate, and bring their ideas to life,” he said.
Michaels isn’t the only retailer leaning into lower prices. Companies like Target are doing the same, rolling out cuts on thousands of items across categories, including apparel, home and everyday essentials, as they compete for shoppers who are increasingly focused on getting the best deal.
