Barnes & Noble came back into the spotlight thanks to a “Save Barnes & Noble” campaign, which I wrote about here. Well, a lot of attention is still on the national bookstore chain, including this fascinating podcast.
You can listen to the 25-minute discussion among these marketing and retail academics, but most of the important points and quotes can be found in the accompanying article along with some supplemental information. The comments also provide some additional insight from other parties, particularly the shortened version at Retail Wire.
The Knowledge@Wharton podcast featured three commentators: Mark Cohen of Columbia University, Peter Fader of Wharton, and Ray Wimer of Syracuse University. All three agreed that the current trajectory for Barnes & Noble is unsustainable. Wimer said they will probably be closing some stores soon, but the other two were more bleak. “Inevitable” it will close, said Cohen, and it is “going to be another casualty within the next year or two at most”.
No one thinks anybody is going to come in and save Barnes & Noble. In fact, as one person correctly pointed out in the comments, the one bright spot isn’t such a bright spot: Barnes & Noble College was spun-off three years ago to become Barnes & Noble Education.
All three acknowledge Amazon’s role in pushing out Barnes & Noble, but they also put a lot of blame on the chain itself. Wimer had my favorite line in the podcast, calling the bookstore “a public library that serves Starbucks coffee”. This Business Insider article walked around a Barnes & Noble in New York City, and the store even had a cart where people can put books down after they’ve finished looking at them.
The author put it bluntly: “Barnes & Noble seemed to basically be encouraging shoppers to read books and magazines and then leave without buying them.” Those people who are coming in to buy books may find copies with fingerprints and dog-eared pages on it to boot.
The podcast guests also talk about how Barnes & Noble hasn’t found a way to connect with shoppers. They don’t excel in any aspect, trying too hard to appeal to a wide range of customers while independent bookshops try to cater to their local clientele. Every new idea has failed, and they’re stuck trying to catch up.
I mean, have you seen some of the merchandise they sell? Figures, dolls, blankets, toy instruments soaps, candy, planners — a mix of book- and stationary-related items and random gifts. I don’t know about you, but I don’t think a lot of people go to Barnes & Noble to buy this set of fake, wrapped kitchen utensils for $50.
The last time I ordered books in-store (which was a while ago in December), I had the clerk ask me what is manga. So, for any parent, relative, or even just interested person wanting to get a recommendation… that worker is not going to be able to help you, and if only a couple are working the floor or registers, there might not be anyone else to turn to. Knowing genre and popular recommendations is the type of customized or knowledgeable service that has helped places like Best Buy, which the podcast guests mention is doing well in the face of Amazon. They also mention that Barnes & Noble pushes new titles when it’s the older titles that are doing well. Opening or early volumes of series like Tokyo Ghoul, My Hero Academia, and Attack on Titan often still make the monthly bestsellers list for manga.
Fader suggests that perhaps Barnes & Noble needs to die before it can thrive. I believe he’s thinking maybe something along the lines of how Gander Mountain stores closed but many were reopened as Gander Outdoors. Fader says that maybe all the stores should shut down (in order to get out of their debt and location leases), let someone buy the Barnes & Noble name, and then open smaller stores akin to independent bookstores. That means no more anime figures, and less manga will likely be stocked. But it’s better than having no place to take a look around and be surrounded by books.
Because none of these podcast guests see any heroes or miracles that would save the chain. To them, it’s only a question of how many — if any — will survive.