When Riggio opened an 80, square foot annex near his Fifth Avenue location in , closeout books were sometimes sold by the pound. This generic approach filled a need for customers who wanted books to fill shelf space in their homes, effectively making them a decorative item.
Buyers who loaded up were even granted use of grocery-style shopping carts. Riggio found the sales annex so large that it was easy to install benches, telephone booths, and bathrooms, making it easier for people to linger. Although he received criticism from people thinking his stores would become glorified rest stops, Riggio was right: People would browse longer if you let them pee. He later added armchairs, coffee, and cooking demonstrations.
But overall sales continued to rise, and the superstores contributed some impressive revenues. Eighty percent of new superstores contributed to company profits in their first year of operation. The superstores generated on the average twice the sales of mall bookstores, and in superstore sales rose by percent.
But Leonard Riggio went on the record repeatedly to dispel claims that his growing chain was predatory. The amount Americans spent on books rose a hefty Waldenbooks planned to more than double the size of its mall stores, from 3, to between 6, and 8, square feet. Borders Inc. An initial stock offering in was postponed because of adverse market conditions.
Wall Street analysts had been skeptical of the company's ability to sustain its profits, but a year after the first offering was withdrawn, superstore sales had continued to climb. These sales accounted for almost half the company's total revenue, up from 26 percent in , and the company seemed more solid. The textbook area of the company continued to be quite profitable too, and the company ran almost college bookstores across the country. The discount sales annex had been a radical step, eliminating the high-brow atmosphere long associated with bookstores.
The superstores managed to combine the savings and huge selection of the discount store with an environment tailored equally well to book lovers, socializers, and bargain hunters. This growth increasingly led to declining sales for mall bookstores, including the company's own. Dalton stores per year since , but in late decided to step up its mall closings.
During , 69 B. Dalton stores closed and another 72 were shuttered the following year. Dalton outlets and opened a small number of new, larger B. Dalton stores each year, seeking to place them in locations that offered increased visibility and higher traffic flow. The new and enlarged units performed better than their predecessors, but all mall bookstores continued to be hurt by competition from nearby superstores.
In early the company entered the burgeoning market for Internet bookselling through a venture with America Online Inc. Later that year the company launched its bookselling web site, barnesandnoble. Toggle Dropdown News. How to Be Considered for an Author Event. Toggle Dropdown Vendors. Vendors Overview. Vendor Guidelines.
Vendor Code of Conduct. Terms of Purchase. A few months later, the company becam e sole owner of a Texas and Florida chain of discount bookstores call ed Bookstop. Dalton, and its other busin esses. Leonard Riggio was the majority owner, and had a financial par tner in a Dutch conglomerate called Vendex. T hese rights had been sold after John Barnes died in The company embarked on a new growth strategy in the s, opening new "superstores" at a breathtaking pace. The superstores were large, carrying as many as , titles, or six times the size of a typical mall book store, but they had amenities such as coffee bars and children's play areas, and were designed to be pleasant public spaces where people w ould browse, read, and mingle.
Wide aisles and scattered chairs and b enches encouraged customers to linger, and local managers had the aut onomy to arrange poetry readings and puppet shows. The discounted us ually by 10 to 40 percent superstore stock was vast, yet the space w as as posh and inviting as that of many independent bookstores. Three years later ther e were , and the company intended to open more each year throu gh But overall sales continued to rise, and the superstores contribut ed some impressive revenues.
Eighty percent of new superstores contri buted to company profits in their first year of operation. The superstores generated on the ave rage twice the sales of mall bookstores, and in superstore sales rose by percent. But Leo nard Riggio went on the record repeatedly to dispel claims that his g rowing chain was predatory. The amount Americans spent on books rose a hefty Waldenbooks planned to more than double the size of its mall stores, from 3, to between 6, and 8, square feet. Borders Inc.
An initia l stock offering in was postponed because of adverse market cond itions. Wall Street analysts had been skeptical of the company's abil ity to sustain its profits, but a year after the first offering was w ithdrawn, superstore sales had continued to climb.
These sales accoun ted for almost half the company's total revenue, up from 26 percent i n , and the company seemed more solid. The textbook are a of the company continued to be quite profitable too, and the compan y ran almost college bookstores across the country. The discount sales annex had been a radical step, eliminating the high-brow atmosphere l ong associated with bookstores. The superstores managed to combine th e savings and huge selection of the discount store with an environmen t tailored equally well to book lovers, socializers, and bargain hunt ers.
This growth increasingly led to declining sales for mall bookstores, including the company's own. Dalton store s per year since , but in late decided to step up its mall c losings. During , 69 B. Dalton stores closed and another 72 were shuttere d the following year. Dalton outlets and opened a small number of new, l arger B.
Dalton stores each year, seeking to place them in locations that offered increased visibility and higher traffic flow. The new an d enlarged units performed better than their predecessors, but all ma ll bookstores continued to be hurt by competition from nearby superst ores.
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