What Barnes & Noble Doesn’t Get About Bookstores
In April, Leonard Riggio announced that he was stepping away from Barnes & Noble, the business he bought forty-five years ago and transformed into the world’s largest brick-and-mortar bookstore chain. Come September, Riggio, now seventy-five, would happily retire. Or so he claimed. Though he had ceded the title of chief executive in 2002, Riggio remained the executive chairman and the soul and supreme authority of Barnes & Noble. Still, it seemed like a safe time to step down. Pummelled in recent years by Amazon’s dominance over the industry, and the hangover of the recession, Barnes & Noble had closed more than ten per cent of its stores and fended off hostile takeovers, but it was still alive. Its losses had levelled off, and sales were actually growing in many categories, including board games, vinyl records, and even some categories of books, the non-digital kind (like coloring books for grownups). In March, the company announced plans to open its first new stores in several years, and in June it unveiled its potential future: smaller locations, with full-service bars and restaurants, and a more boutique feel. It seemed to be a move away from the model of “superstores” that the company once defined itself by.