There are a number of reasons for this. The first is that this is a growing group, and any store that fails to embrace a new market will come (in general) to regret it. The second, in the case of this particular market, is the morbid but true fact that if Michael's focusses on only the elderly knitter, then the store's demographic will relatively soon simply disappear through attrition. Finally, while small, individually owned stores can rarely challenge large chain stores in out current economic moment, there are exceptions.
Small knitting stores are an example of a success story in terms of being able to challenge large chain stores -- and this has been true precisely because they offer the kinds of yarns, needles, knitting patterns, stitch markers, and knitting groups that appeal to younger knitters and the reasons that they have taken up this centuries-old craft form, transforming both knitting and their own lives in the process.
Implementation and Results
We at ABS Consultants have a number of suggestions for the executives at Michael's that -- we believe -- will allow the company to capitalize on the trend of younger people taking up knitting in a way that will not inly increase the sale of yarns and other knitting supplies but will have positive ripple effects for other product lines. This will occur in two ways: First, bringing young knitters into a store that they might not otherwise frequent will expose them to the store's other products and so are likely to purchase additional products when they visit the store.
The second way in which including products for younger knitters will benefit the store overall can come about through the fact that the company can offer knitting groups for charity projects, supplying both the time and space -- and support from staff -- as well as some free products. Such a practice will no doubt cast a favorable light on the company, which will have a number of general beneficial effects.
The key elements in implementing this trend is -- as suggested above -- to stock the kinds of products that...
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