Texas-based arts & crafts retailer Michaels is lowering prices on more than 5,000 of its most popular items to pre-pandemic levels. 

CEO Ashley Buchanan says the move is an effort to make its products accessible to as many customers as possible across key categories such as art supplies, kids projects/activity kits and seasonal items. A broad range of reductions have already been implemented, including up to 15% off paint, markers and pens; up to 20% off vinyl, stickers and papers; and up to 40% off t-shirts. 

Michaels currently operates more than 1,300 storefronts across North America, and they will all support the markdown initiative with in-store signage, advertising and direct email campaigns. 

Price-cutting is catching on at several other retailers, including IKEA (furniture), SHEIN (women’s clothing) and Walmart, which have all discounted hundreds of non-essential items to try and stretch the consumer’s dollar and win back business. In Michaels’ case, the chain is also building out new revenue streams with a MakerPlace handmade goods e-commerce platform and in-store birthday party hosting service that both launched last year.