Cover Story: Amazon: The Elephant in the Room
There’s no way around it: The Seattle-based e-tailer has become the
dominant force of change in book publishing today. Whether that’s good
or bad for the industry is no easy question to answer.
Some observers think it's not likely. Shatzkin says that Amazon stock is priced as if it were a high-flying e‑commerce company, not a pedestrian retailer tied to heavy capital investments in real estate and physical stores. Although a prospective Amazon store is likened to Apple's highly successful retail stores, Shatzkin points out that Apple is a manufacturer of high-margin, high-tech devices, not a middleman of mass-market consumer goods like Amazon is, with the exception of the Kindle.
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