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Tenant Description:

Company Overview:

In 1984, with only 16 stores operating, Michaels Stores, Inc. (NYSE: MIK) became a publicly held company. Shortly thereafter, Michaels' embarked on an aggressive national expansion program through a series of new store openings and acquisitions. Today, Michaels' stores are operating in 49 states and Canada and offer a large selection of arts, crafts, framing, floral, wall decor, and seasonal merchandise. This retailer carries 40,000 items and averages 18,200 square feet of selling space with revenues of $3.9 million. Currently, Michaels has 1,018 stores in operation.

Site Criteria:

Store locations are determined by a thorough review of the market area demographics, including the following preferred site attributes:

• Prototypical size of 21,360 sf
• Trade area extends from 5 to 10 miles, requiring a population base of 200,000 to 300,000
• Preferred co-tenancy is female oriented stores such as bath and linens or off-price fashion retailers
• Parking requirements of 5 stalls per 1,000 square feet
• Higher income trade areas 
• Heavier population density levels, and a high percentage of female population
• Highly visible sites located along highly trafficked roads


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