The new stores, in Edinburgh and Peterborough, build on the chain's recent success which saw profits rise 10 per cent earlier this year.
The Edinburgh store is the company's second in Scotland and aims to build on the success of its Glasgow store, which opened in 2007.
HobbyCraft's 40th store is due to open in the Peterborough Garden Park in the summer.
The store will be in a new retail development which is currently under construction.
Hobbycraft's recently appointed head of property and acquisitions Robin Langford, said: "I'm very pleased we have now exchanged contracts on our next two stores.
"We are delighted to have reached the landmark of securing our 40th store and, while there is a lot of work ahead, we are committed to pushing on with further expansion to support our business plans."