MIK - 3 Takeaways From Michaels' Investor Day Presentation
The rising number of small entrepreneurs has been a surprising 2020 trend. For example, about 400,000 new active sellers have joined Etsy 's e-commerce platform just since the end of 2019. That brings the total on the site up to 3.1 million. And these new sellers are simply chasing the consumer. Etsy's gross merchandise sales for the first half of 2020 have nearly doubled from the comparable period last year.
Trends like these are huge and they haven't gone unnoticed. In late September, arts-and-crafts retailer The Michaels Companies (NASDAQ: MIK) gave a virtual investor day presentation, putting forth management's long-term vision for the company. In the presentation, Michaels management completely redefined the company's strategy and consequently increased its total addressable market. Before, the company was simply an arts-and-crafts retailer. Now, it envisions becoming an all-inclusive ecosystem to support the rise of the small business entrepreneurs creating handmade merchandise.
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3 Takeaways From Michaels' Investor Day Presentation