Do you miss Joanne’s & Party City? #businessnews #businessowner #businessstrategy

Michaels really said: one retailer’s bankruptcy is another retailer’s expansion plan 😭. When Party City disappeared, Michaels expanded deeper into party supplies, balloons and celebrations. When Joann closed, Michaels moved aggressively into the space it left behind, including expanding fabric and sewing and acquiring pieces of Joann’s brand portfolio. And that’s the part I find interesting: A competitor disappearing doesn’t automatically mean you win. It creates unclaimed demand. Michaels keeps making deliberate moves to give those customers somewhere to go. But there’s another side to it too: former Joann shoppers are still comparing Michaels to the experience, selection and value they had before. Because when you inherit a competitor’s customers...you inherit their expectations too. Follow me if you like breaking down the little clues hiding inside brands, business, consumer behavior and internet culture, because there’s usually a much bigger story underneath them. #consumerbehavior #retailtherapy #smallbusinesstips #partycity #brandstrategy