Barnes & Noble’s sales have recovered as the chain orchestrates a turnaround focused on empowering store managers and capitalizes on a revival of interest in reading.
Sales were up three percent in 2021 versus pre-pandemic 2019 levels, led by a 14 percent jump in book sales, according to The New York Times.
JamesDaunt, CEO since August 2019, employed a similar game plan to revive Waterstones, Britain’s largest bookstore chain.
Although the chain’s stores carry similar titles, in a shift away from centralized buying, individual managers determine where the books are placed and order quantities. The focus better aligns assortments with local tastes. Mr. Daunt told Publishers Weekly last year his goal is to provide managers with tools and then “get out of the way.”
Co-op title placement practices have also been ended because unpopular titles were receiving prominent placement and driving excessive return rates.
Other priorities include further narrowing the mix to books, educational games, puzzles and workbooks; store refurbishments that include an emphasis on smaller tables and wider aisles; expanding online (only 10 percent of sales); and reducing out-of-stocks. B&N’s city stores are still underperforming due to the continuing scarcity of office workers and tourists.
B&N may still be benefiting from customers who discovered or rediscovered reading while cocooning during the pandemic. Also boosting readership is a TikTok phenomenon wherein users are posting about books using the hashtag #BookTok and Millennials becoming nostalgic about the big-box bookstores where they discovered Harry Potter and other books.
According to the Times, book publishers and most independent booksellers in a turnabout are rooting for Barnes & Noble’s viability as Amazon.com now makes up more than half the physical book sales in the U.S.
B&N is seen helping publishers stay committed to supporting physical stores. Their well-stocked larger stores with comfy chairs are seen as critical to driving discovery that many believe isn’t possible with online book buying.
“Discovery is so, so important,” Daniel Simon, founder of Seven Stories Press, an independent publisher, told the Times. “The more Amazon’s market share grows, the less discovery there is overall and the less new voices are going to be heard.”
FAQs
Barnes & Noble's sales have recovered as the chain orchestrates a turnaround focused on empowering store managers and capitalizes on a revival of interest in reading. Sales were up three percent in 2021 versus pre-pandemic 2019 levels, led by a 14 percent jump in book sales, according to The New York Times.
Are Barnes and Noble going to survive? ›
After years on the brink of extinction, the book chain is planning to open some 30 new stores this year. Many are returning the retailer to areas it previously abandoned. In a few, Barnes & Noble is even taking over former Amazon bookshops.
Is Barnes and Noble doing okay? ›
Sales rebounded in 2021. They continued upward in 2022. They're on pace to increase again in 2023. As a privately held company, Barnes & Noble doesn't report financial results, but it's clear that it's no longer near death.
Did Amazon buy Barnes and Noble? ›
In August 2019, Elliott Investment Management acquired the company for approximately $683 million with James Daunt, the managing director of London-based Waterstones Booksellers Ltd., becoming CEO. James Daunt was to become CEO of both Waterstones and Barnes & Noble and was to relocate from London to New York.
What are the struggles of Barnes and Noble? ›
In the past decade, Barnes & Noble faced significant challenges, particularly with the rise of Amazon. Declining sales, a falling stock price and the closure of more than 100 stores, including iconic locations in its hometown of New York City, marked the tumultuous 2010s.
Are Barnes and Noble phasing out Nook? ›
At Barnes & Noble, our mission is to continually enhance your experience, making every visit and interaction as rewarding as possible. In our efforts to innovate and adapt to ever-changing reading habits, we've made the decision to discontinue the NOOK Read-In-Store feature.
Are Barnes and Noble doing well financially? ›
In fiscal 2023, sales in B&NE's retail segment, which accounted for about 97% of total company revenue, increased 3.6% to $1.5 billion, driven by a 48% increase in FDC and general merchandise sales, which offset a 9.4% decline in the traditional à la carte sales.
Did Amazon win the lawsuit against Barnes and Noble? ›
Rival online booksellers (BKS) and Amazon.com (AMZN) announced today that they have agreed to settle a lawsuit filed by Barnes & Noble. Although the terms of the settlement were not disclosed by either company, analysts see the agreement as a victory for Amazon.com, and for electronic commerce in general.
Who owns Barnes and Noble now? ›
In August of 2019, Barnes & Noble was acquired by Elliott Advisors (UK) Limited (“Elliott”) and taken private. Elliott's acquisition of Barnes & Noble followed its June 2018 acquisition of Waterstones, the largest retail bookseller in the United Kingdom.
What did Barnes and Noble used to be called? ›
1886–1929. Barnes & Noble originated in 1886 with a bookstore called Arthur Hinds & Company, located in the Cooper Union Building in New York City.
The Company has approximately 600 bookstores across the United States, as well as its online bookstore at BN.com, the NOOK® Digital business which offers both eBooks and an audio book subscriptions service, the SparkNotes educational service, stationery and gift retailer Paper Source, and the publisher Union Square & ...
Are Barnes and Noble making a comeback? ›
Barnes & Noble is making a comeback by going smaller. The new strategy by CEO James Daunt is going to be put into place to create a more intimate and engaging in-store experience that connects with local communities.
Who is suing Barnes and Noble? ›
Barnes & Noble, Inc.
Why does Barnes and Noble have a banned book section? ›
Barnes & Noble explained that many "banned books" are those that explore race, sexuality, and new concepts or ideas that are still often frowned upon by certain communities; books that were believed to be obscene or too controversial to be read by society.
Is Barnes and Noble in debt? ›
Total debt on the balance sheet as of January 2024 : $0.53 B.
How are Barnes and Nobles surviving? ›
Indeed, Daunt acknowledged in a 2021 interview with Publishers Weekly that industry trends had been working in the company's favor: Book sales were holding firm, rents were down and pandemic closures gave Barnes & Noble the opportunity to redesign and refurbish its stores while customers were stuck at home.
Are Barnes and Noble thriving? ›
Book retailer Barnes and Noble recently announced the opening of 30 new stores. This is encouraging news for any B2B company facing well-funded, powerful competitors. Many traditional bookstores have struggled to compete against Amazon, but Barnes & Noble has managed to thrive.
Are Barnes and Noble being sold? ›
Elliott Investment Management, the New York hedge fund that owns Waterstones, acquired Barnes & Noble in 2019 for $683m, along with the debt the company had accumulated over the years. It quickly set Daunt up as chief executive.
How many Barnes and Nobles are left? ›
The Company has approximately 600 bookstores across the United States, as well as its online bookstore at BN.com, the NOOK® Digital business which offers both eBooks and an audio book subscriptions service, the SparkNotes educational service, stationery and gift retailer Paper Source, and the publisher Union Square & ...
