Established in 1972, Hobby Lobby is the largest non-public arts and crafts retail company globally. With over 900 stores in the United States, Hobby Lobby has carved out a niche in the retail industry. The company is a dealer in various kinds of arts, crafts, home decoration, hobbies, picture frames, jewelry, etc. David Green founded Hobby Lobby, and it is currently based in Oklahoma, USA.
Hobby Lobby is a $6.4 billion company, so you shouldn’t be too surprised about how it generates income. Though its product selling prices are considered meager compared to its contemporaries, it still generates an average of $116,279 revenue per employee! The fact remains that Hobby Lobby is not an ardent believer in growth to the detriment of providing value. Even in their formative years, they have made it clear that they are not hellbent on amassing wealth, but rather on solving problems and providing value to people.
Also, Hobby Lobby’s products blend quality and affordability. They reduce the prices for almost all their goods to an affordable level for all and sundry. Thus, Hobby Lobby is getting more customers than usual because of the quality of their products and relatively low prices, which brings more revenue for them.
Every outlet out of the over 900 Hobby Lobby stores has more than 70,000 items available, and this has been one of the reasons they keep generating multiple returns on their investment. In addition to that, Hobby Lobby also incorporates customers’ convenience into their program. Hobby Lobby offers a fair delivery rate when you purchase your goods online at a lower price. Depending on how many goods you ordered, you may get your goods within one to seven business days.
Companies Similar to Hobby Lobby
Hobby Lobby is one of the most popular arts and crafts companies in the United States. It uses its high tenacity networks of more than 70,000 products to provide succor to its customers. Ranked by Forbes as the 64th American largest private company in 2021, Hobby Lobby is a company tested and trusted to give you maximum satisfaction.
Since human wants aren’t identical, you might want to explore other alternatives to Hobby Lobby, with the same satisfaction guarantee or even better. If that is the case, then here are Hobby Lobby’s top five competitors in the US market – Michaels, Target, Jo-Ann Stores, A.C Moore, and Walmart.
Competitors to Hobby Lobby
The biggest rivals to Hobby Lobby are Michaels, Target, Jo-Ann Stores, A.C Moore, and Walmart. These are reputable companies that have carved out a niche for themselves in the retail industry.
They have great reviews about their products from customers and thus have multiple streams of competitors in the United States. Let’s have an overview of these top-rated companies that are similar to Hobby Lobby and see how competitive they are in the global market.
This is one of Hobby Lobby’s biggest competitors. Founded in 1973 by Michael J. Duper, Michaels is also one of the largest providers of arts and crafts pieces, extending beyond the United States to the entire North America. Hobby Lobby and Michaels stores remain the hub for producing original and authentic arts and crafts. Their products are readily available for people of all ages, irrespective of gender and background.
As stated earlier, Michaels is one of the largest producers of arts and crafts in the US, with more than 1,275 stores spread across the 49 US states and some parts of Canada. Most of their products are sold at relatively lower prices with the average-income customers in mind. They also provide an enabling environment for both online and offline shoppers of their product.
The full company name is Target Corporation, but it is widely known as Target. It is a conglomerate of mega-chains domiciled in the United States. Target operates a partly discounted goods business model, which explains why a substantial amount of their goods are being discounted to incorporate the needs of their ardent customers. It also has a wider network of products that can cater to its wider audience.
Target is a household name in the retail industry. Headquartered in Minneapolis, Minnesota, Target is ranked as the 8th most valuable retail company by Forbes and was also ranked No 32 in the 2020 list of total revenue generated by US companies by Fortune 500. Target has 1931 stores throughout the US and has crossed the $100 billion revenue mark in 2021.
This is another fabrics and crafts company, rivaling Hobby Lobby. Like Hobby Lobby, Jo-Ann Stores specializes in fabrics, sewing, crafting, artistry, home decoration projects, and more. Established in 1943 as a small but fancy retail store, it has since developed into a more pragmatic retailing company, making it the topmost fabrics and crafts retailer in the US.
Undoubtedly, Jo-Ann Stores have ridiculously high discount prices for all their goods. It puts customers at the forefront of their consideration when naming the price for their product. It is an excellent alternative to Hobby Lobby and has over 800 stores domiciled in the length and breadth of the US.
The vast network of Walmart makes it one of the largest, if not the largest, competitors to Hobby Lobby. With annual revenue of $572.75 billion, it is indeed the biggest contending force to Hobby Lobby. It has its tentacles spread throughout the US, registering its presence in all the 50 states, available in about 27 countries worldwide.
One of the factors that make Walmart unique is its low price. They are very proud of this and Everyday Low Prices is the cornerstone of their strategy as enshrined on their website. Despite this massive reduction in prices, Walmart has continued to wax stronger. Not surprisingly, their vast customer base could cater to the discounted price of goods.
Hobby Lobby’s biggest competitor should be between Michaels and Walmart. But Walmart edges it out with its huge annual revenue that dwarfed Hobby Lobby’s. Also, there is a huge customer base greater than that of Hobby Lobby. There is no doubt that Walmart is Hobby Lobby’s biggest threat.
Darrell Burges - Business Analyst & Technical Writer
Darrell Burges is a skilled business analyst and a technical writer for WCS. Based on his 5+ years of experience, he writes in-depth articles about competing companies and encourages individuals to explore alternatives in the business world. He is the one who knows how to engage you in the world of competitors and explain complex concepts in simple terms.