Bookstore News
There is a somewhat horrifying story up at Publishers Marketplace regarding the impact the bad economy is having on bookstores and booksellers. It’s enough to make me think about taking a job at Quiznos. Really.
For those authors and wannabe authors looking for good news, this might not be the story for you. For those who want to know so that they can decide whether or not to take that third job at the night window at Wendy’s, here is a peek of what’s been happening the last few days:
-Barnes & Noble is off 19 percent
-Scholastic had peaked on September 19, and is down 26 percent since then
-Borders is off 44 percent
-Books-a-Million has fallen even further, giving up 49 percent
-Amazon peaked at $81 a share on September 19, losing 31 percent since then
Oh, happy days…
The good news is that some publisher are buying. There are sales notices for all sorts of book deals. If you’re writing YA fantasy, you are in the right place at the right time because all the publishers appear to want that. Everyone else? Deep breath.
October 10th, 2008 at 8:11 pm
According to the pollster Zogby, the investor class heavily favors McCain and now that it looks like Obama is leading in the polls, investors are wary and it is hurting everything. They are taking their investments out of stocks and putting it into less-risky places. The ones with money enough to invest are the people with money enough to hire people, buy goods and even buy books. Many people seem to resent those with money, but who else is there start businesses, hire people or buiy products that create jobs?
October 11th, 2008 at 6:02 am
So (according to the polsters) the current *international* financial situation is Obama’s fault? Really?
::headdesk::
Helen, in part I’d say the Scholastic situation has a lot to do with the incredible wave they’ve been riding based on the popularity of Harry Potter. There’s was bound to be a huge drop off there.
October 11th, 2008 at 9:05 am
sadly this is affecting me greatly. I work part time at B.Dalton’s (B&N’s mall store) and they are closing my store and another store in January. I will miss the close contact with customers greatly. And that all important discount.
I hope thing turn around quickly.
October 11th, 2008 at 10:45 am
Gladys - Honestly, I’m not a huge fan of Zogby. He’s had trouble in the past that calls into question his conclusions and polling. I generally discount him. And, really, I can’t see how his view that this is all Obama’s fault is true but will refrain from going on a “deregulation is insane” tirade since I’ve promised not to use my blog to push a political agenda. But, ignoring blame for a second, there’s no doubt the economy is in huge trouble. That impacts the willingness of people to buy products and certainly means people can’t start businesses. That’s bad for all of us. I say anyone who has money available should get out there and buy books. And, really, compared to how much other stuff costs, books are cheap and can provide a break from all the bad economy news. People should buy books!!!
Vanessa - I’m with you. I also agree on the Scholastic situation. Still, those numbers are scary across the board.
Judy - I am so sorry!! I hate to see bookstores close. Makes me so sad. I hope you find another bookstore job soon.
October 11th, 2008 at 1:16 pm
I’ll come buy a sandwich from you at Quiznos while I’m on my break from Walmart.
Just kidding. I hope!
October 11th, 2008 at 2:57 pm
Thanks HelenKay. Luckily I have a full time job besides the bookstore job. But what I liked the most about the bookstore that it was so much less stress then my day job. Right now I am going to hold off on another part time job cause of parents health issues. But maybe down the road I will go back to a bookstore job.
I hope things turn around soon.
October 11th, 2008 at 7:49 pm
Those numbers are definitely scary because of the trend they are showing. I’m all for finding a way to boost the economy in any way possible. I’m with everyone else in urging those with disposable income to go out and spread it around by purchasing things.
October 13th, 2008 at 3:54 am
I live in a rural area that does not have cable so I depend on my books but we have almost no bookstore close to me. We have one used bookstore and that is all. I have to drive about 40 miles if I want to go to a book store.
October 15th, 2008 at 12:07 pm
For those of you in the DC area— did you hear that Olsson’s closed its doors? Couldn’t compete, couldn’t get $ for Christmas inventory, keep up with rent, etc. Sad day; they always had the BEST author signings in the area. Erica Jong, Caroline Kennedy, Anne Lamott—