The picture frame industry is expected to continue its modest growth in 1995, and is projecting a 5% increase for 1994. The growth is attributed to mass market sales and a higher gross margin in sales. Technology has enabled frame makers to make a better product at a lower cost. Customers are more particular in what they choose, and select frames that offer them quality at a reasonable price. Consumers are also interested in photo storage products. Frames have had

Richard Varga, buyer of frames, framed art and framing materials for Irving, Tex.-based Michael’s, reports his frame business is up over last year by a “healthy amount.” Varga explains that, in the past year and a half, the 380-store crafts chain has gone to a more value-driven program in photo frames, offering them as a “true value” at 50 percent off regular retail. In addition, Michael’s has eliminated deadwood from the assortment, Varga says.   Rich Lento, senior housewares buyer