TechVibes–where former ABE executive (and still director) Boris Wertz is also a director and investor–estimates a price tag for Amazon’s recent purchase of $90 million to $120 million: “According to the AbeBooks website, in 2007 they did $190 million in gross merchandise volume and had 13,500 bookseller members on their platform. Based on AbeBooks’ 13.5% combined commission/service fee and minimum monthly subscription fee of $25, AbeBooks’ revenue in 2007 was approximately $30 million. If you look at comparable online e-commerce businesses like eBay with a current market cap of $32 Billion and 2007 annual revenue of $7.6 Billion, it’s safe […]
Bookstores
LA's Acres of Books to Go Fallow
The LAT reports on Long Beach-based store Acres of Books: “After 74 years in business, the independent bookstore giant with an inventory that topped 1 million volumes is closing down to make way for a redevelopment project.” Owners Jackie and Phil Smith sold their building to the city three months ago for $2.8 million.LAT
Indigo Rises in First Quarter
Sales at dominant Canadian chain Indigo rose 3.1 percent in their first quarter to $191 million (CA), while their net loss was reduced by more than half, to $1.3 million. Same-store sales were up 3.3 percent at the Indigo and Chapters superstores, while the smaller format Coles stores were up 5.4 percent, and online sales rose 7.7 percent, to $21 million. Release
Energetic Store Thrives in Quiet West Marin
A local story celebrates how bookstore Point Reyes Station has produced “a literary renaissance…over the past decade in this unlikely rural setting.” Editorial director of Sausalito-based PoliPoint Press Peter Richardson says “Point Reyes Station has a reputation for hosting literary events whose ambitions far outstrip its tiny population.” This spring they hosted a three-day Stegner conference attended by 400 people. Owner Steve Costa is working on “a second conference for March on farm writing, inviting Barbara Kingsolver, Wendell Berry and Wes Jackson, among other likely participants.” He says: “We’re hopeful that Point Reyes, over time, will be recognized as an […]
Downtown Bakersfield Store to Close
Russo’s Books will close their downtown Bakersfield bookstore after 12 years, continuing to operate their two other larger mall-based locations. Owner Michael Russo tells the local paper, “The economy is slow and there just wasn’t enough business to continue operating all three, especially when two of them were just three and a half miles apart.”Bakersfield Californian
Consternation in UK Over Asda's HP Paperback Discount
Sales of the paperback release of Harry Potter and the Deathly Hallows in the UK were dominated by Asda after they decided to sell the book for just one pound for the first three days. Asda book buyer Steph Bateson says they sold just under 40,000 copies during the promotion, while Nielsen Bookscan tracked sales industrywide of 46,257 copies in that three-day period. Despite the money lost by the chain on the promotion, Bateson tells the Bookseller “I think we have shaken the other retailers up a bit, which was always our intention,” calling it a “genuine footfall and sales-driving […]