WH Smith reported results for the quarter ending June 4, with high street store sales down 4 percent and comps declining 3 percent compared to the same period last year. (In the European tradition, the quarterly report is provided as a brief “trading update” with no actual figures; those come only twice a year.) The company said they “continue with our profit focused strategy with sales in the period in line with expectations.” Release Sweet Reads, a new store that sells both books and candy, has opened in Austin, MN. Owners John and Lisa Deyo conceived of the concept over the course […]
Bookstores
Barnes & Noble at NYC’s Citicorp to Close As Building Renovates
Barnes & Noble’s midtown Manhattan store at the Citicorp building will close at the end of the month, as owner Boston Properties undertakes a renovation of the base and has declined to renew the bookseller’s lease. BN’s vice president of development David Deason indicates to Crain’s that they are in discussions about returning to the space after the renovations are completed, though previously Boston Properties president Douglas Linde had indicated “that the real estate company wanted to empty out the six-story retail and commercial base of the building and bring in higher-end food options and outdoor terraces.”
People, Etc.
Rachel Fershleiser will join Houghton Mifflin Harcourt in the newly created role of executive director, audience development and engagement on June 20, reporting to Adriana Rizzo. Most recently she was director, publishing outreach at Tumblr. Jonathan Nowell has joined Trillium Partners firm as a senior adviser, working “to originate and execute M&A and fund raising mandates in the publishing sector.” Nowell was ceo and president at Nielsen Book. He says in the announcement, “Having observed and participated actively in the evolution of the publishing industry for over three decades, I can see significant further scope for M&A activity and the potential […]
Bookselling: Sales Rise At Indigo In Fourth Quarter, and More
Canada’s dominant bookstore chain Indigo reported results for their fiscal fourth quarter, ending April 2. Sales for the extended 14-week quarter were $220 million (CA), up $34 million from a year ago. On a 13-week, comparable store basis, superstore sales grow 14.7 percent, while small-format stores were up 15.8 percent. Online sales rose 9.8 percent. The net loss for the quarter was $13.4 million, compared to $13.9 million a year ago. General merchandise (including their American Girls boutiques) showed “double-digit growth” during the fiscal year, with books growing by “high single-digits,” particularly “boosted by the trend for adult coloring books.” Sales for the full 53-week fiscal […]
Bookselling: Indigo’s New Concept Store, Half-Price for Georgia
On Friday dominant Canadian bookselling chain Indigo will hold a grand opening for their new concept store in Toronto’s Sherway Gardens, the chain’s first new store in over 5 years and a model for ambitious renovation plans that “will be rolled out over time to the company’s 90 other book superstores,” ceo Heather Reisman told the Financial Post. The press release describes it as a “cultural department store for booklovers and their friends,” with “a cross-section of shops-within-a-shop filled with an unparalleled selection of books and beautiful, affordable lifestyle products, all merchandized to inspire and delight.” Books comprise about 60 […]
Quotable: Bezos Confirms the Known About Stores
It’s making news that Amazon ceo Jeff Bezos confirmed at the company’s annual meeting what is already known about their store rollout, without adding anything in particular: “We’re definitely going to open additional stores, how many we don’t know yet,” he said. “In these early days it’s all about learning, rather than trying to earn a lot of revenue.” Their second store in La Jolla, CA is due to open this summer. As we have noted before, job postings on the company’s site indicate the intention to hire a full management infrastructure to support multiple stores. After all, among recent listings, […]