Shoppers of Joann are planning to switch their purchases to Michaels and Hobby Lobby.
Crafting a New Path: Competing Retailers Eye Joann's Vacant Market Share
After Joann's decision to close its store footprint, customers have started exploring alternative shopping destinations for crafting essentials. A recent survey by Numerator reveals that 74% of respondents would head to Michaels or Hobby Lobby, followed by other online retailers (44%), mass retailers like Target or Walmart (39%), indie or local craft stores (24%), and dollar stores (23%) [Source: Retail Dive].
However, the sentiments toward Joann's closure aren't all bleak. While eight in ten respondents expressed sadness, 69% stated that the store's closure would have a slight to significant impact on them [Source: Numerator].
The survey also highlighted reasons for customers shopping at Joann, including good sales, a diverse product assortment, convenient locations, affordable prices, and the brand's reputation [Source: Numerator].
Competing Stores Ready to Steal the Show
With Joann stepping out of the game, other retailers look forward to capturing its market share. Here are some potential contenders:
- Hobby Lobby Hobby Lobby is expanding its fabrics and sewing sections to take advantage of Joann's retreat from the market. Although it offers limited fabric selections compared to Joann, it's a significant player in the craft retail world [Source: 2, 5].
- Michaels Michaels is also beefing up its fabric and sewing supplies, understanding the opportunity at hand. It has traditionally had limited fabric selections but is actively expanding to fill the void [Source: 2, 5].
- Online Fabric and Craft Retailers Customers seem to favor online shopping for its broader selection and often better pricing, suggesting that online vendors are poised to make significant gains [Source: 2].
- Indie Quilt and Fabric Shops Independent quilt and fabric shops, known for their curated, specialized selections, and community focus, are likely to attract customers seeking a personal touch or high-quality materials [Source: 4].
- Thrift Stores and Estate Sales Some consumers have started exploring thrift stores or estate sales for fabric, indicating that alternative secondhand markets may witness increased activity [Source: 2].
Opportunities and Challenges Ahead
While Hobby Lobby and Michaels increase their fabric offerings, they still lack the extensive, affordable collections and broad appeal that Joann had for both beginners and advanced crafters. This gap might be an opportunity for online and indie shops to fill the void [Source: 5].
As the competition heats up, it remains to be seen how each player will strategies to capture the fleeting market opportunities left by Joann's departure.
- The departure of Joann leaves vacant market share that competing retailers are eager to seize, with Hobby Lobby expanding its fabrics and sewing sections.
- Michaels is also increasing its fabric and sewing supplies, recognizing the opportunity presented by Joann's exit.
- Online fabric and craft retailers, known for their broader selection and often better pricing, seem poised to make significant gains as customers favor online shopping.
- Independent quilt and fabric shops, offering curated, specialized selections and a community focus, are likely to attract customers seeking a personal touch or high-quality materials.
- Some consumers have started exploring thrift stores or estate sales for fabric, suggesting that alternative secondhand markets could experience increased activity.
- While Hobby Lobby and Michaels strengthen their fabric offerings, they still face the challenge of providing the extensive, affordable collections and broad appeal that Joann had for both beginners and advanced crafters, potentially opening opportunities for online and indie shops.
