How a failing five-and-dime store became North America's largest arts and crafts retail chain

Cultures · Published 10 October 2026 Swipe more like this →

In short: In 1973, a struggling variety store in Dallas was transformed into the foundation of a retail empire. Today, Michaels dominates the North American craft market by evolving from a simple shop into a sprawling network of inspiration hubs, private brands, and third-party marketplaces for makers and home decorators.

The trajectory of Michaels began when Michael J. Dupey converted a failing Ben Franklin store into an arts and crafts outlet. By 1982, the chain had grown to 11 locations, catching the eye of Dallas businessman Sam Wyly, who acquired a controlling interest. This set the stage for decades of aggressive expansion through acquisitions, including the 1994 purchase of the 101-unit Leewards Creative Crafts and the 1995 takeover of Aaron Brothers Holdings, which integrated professional framing services into the Michaels ecosystem.

The company's corporate history is a complex cycle of public and private ownership. After its initial NASDAQ debut in 1984, it was taken private by Bain Capital and the Blackstone Group in 2006 for $6 billion. It returned to public markets in 2014 under The Michaels Companies, only to be acquired again by Apollo Global Management in 2021. Throughout these shifts, the retailer has focused on diversifying its offerings, launching private brands like Recollections and Artist's Loft, and partnering with figures like Martha Stewart and Chef Duff Goldman to capture the DIY and baking markets.

Recent years have seen Michaels pivot toward a modern retail experience. Under CEO Ashley Buchanan, the company introduced store concepts featuring open layouts and maker spaces for hands-on instruction. In 2025, the chain strategically expanded into party supplies and fabrics, filling the retail void left by the bankruptcy of competitors like Party City and Jo-Ann Stores. Furthermore, the 2023 launch of Michaels Marketplace and MakerPlace has allowed the brand to scale its inventory by incorporating third-party sellers and individual creators, ensuring its continued relevance in the evolving landscape of home crafting.

General information, not professional advice. Spotted an error? Flag the card or see corrections and complaints.

Intellect Plus is a visual educational discovery platform for exploring fascinating facts and ideas. Brain Food, Not Brain Rot. What is Intellect Plus?

Related

• How a failed dry goods merchant built the world's largest department store empire
• From mail-order novelties to a multi-billion dollar retail empire
• How a mail-order catalog for leisurewear became a multi-billion dollar retail powerhouse
• How a yacht meeting and a holiday shift built a retail empire
• From a single Wyoming dry goods shop to a retail giant’s complex survival story
• How a dead soldier became the enduring antagonist of a multi-film science fiction saga
• About seven million Maya live today, and 'Maya' was never their shared name
• Why false narratives about transgender violence are gaining traction in modern political discourse
• Are modern Macedonians the descendants of ancient tribes or medieval Slavic migrations?
• How a resilient Indigenous nation survived centuries of erasure in the American South
• The Maasai once ranged across the Rift Valley, then lost most of their herds
• Can a cynical outsider navigate the complex psychology of teenage social dynamics?

More in Ethnology · More in Cultures · Latest · A–Z · All topics