Barnes & Noble reverses death spiral, will open new bookshops
2 January 2023
In a move that must have surprised many people, American bookseller Barnes & Noble (B&N) recently announced plans to open thirty new bookshops. This in an age where bookshops are considered old hat, passé. It’s an incredible turnaround for a company once on the verge of collapse, but the B&N revival is something not only other booksellers can learn from, but also a host of other media, including music, newspapers, and film, writes American author Ted Gioia:
All the cool and up-to-date technologies are in financial trouble. Tesla share price has collapsed. Crypto is in decline. Netflix stock has dropped more than 50% in the last year. Facebook is in freefall. Even TikTok might be in trouble. But Barnes & Noble is flourishing. After a long decline, the company is profitable and growing again — and last week announced plans to open 30 new stores. In some instances, they are taking over locations where Amazon tried (and failed) to operate bookstores.
This is great news for people who still like to buy print books in a shop. I don’t think any B&N stores are slated to open in Australia any time soon, but nonetheless this is surely music to the ears of authors and book readers.