The book pricing conflict entered a new stage Thursday as Wal-Mart, Amazon and Target began rationing the number of copies customers can buy of certain discounted titles. "The limits will stop other booksellers from scooping up cheap copies in large quantities and reselling them," the Wall Street Journal reported, noting that for online customers Wal-Mart's limit is "two copies each of certain bargain books," while Amazon has a three-copy maximum and Target a five-copy limit.
Arsen Kashkashian, head buyer at the Boulder Book Store, Boulder, Colo., told the Journal "he had intended to buy as many as 70 copies of Barbara Kingsolver's The Lacuna from Walmart.com, Target.com or Amazon, because their prices are 'more than $5 cheaper than what we can get it for from the publisher, Harper.'"
"It's to prevent a run on the bank, so to speak," said consultant Joel Bines of AlixPartners. "They are losing money on every item they sell at this price, so they want to make sure the items actually go to customers, who might then buy something else."
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Congratulations to Left Bank Books, St. Louis, Mo., which is celebrating its 40th anniversary, Sunday, November 8. At 4 p.m., Anita Diamant, author of The Red Tent and one of the founders of Left Bank Books, will read from and discuss her new novel, Day After Night, at Left Bank Books Downtown, the Left Bank tributary that opened last year. In addition, Diamant, fellow founder Terry Koch and current owners Barry Liebman, Kris Kleindienst and Jarek Steele will be the stars of Four Score & Three Grand: How Left Bank Books Started as the People's Bookstore and Became a St. Louis Institution, a "conversation and reception" that will include "memories, fun, food, drink!"
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"Amazon's astute timing" was examined by the Wall Street Journal, which reported: "It isn't a secret that Amazon's financial success is partly based on its ability to take in money for selling merchandise before it has to pay its suppliers. But lately Amazon has gone one better: steadily lengthening the time it takes to pay suppliers. That has been a factor behind the retailer's soaring cash flow. In the third quarter, Amazon stretched out its bill payment to 72 days, up from 63 in the year-earlier period. As Brian Evans, an analyst for research firm Behind the Numbers, notes, this 'theoretically means that Amazon has not paid suppliers for sales consummated in mid-June.' Amazon's sales rose 28% in the quarter, but accounts payable nearly doubled, helping push free cash flow up 116%."
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Daniel Pink will be the Friday luncheon speaker at ABA's Fifth Winter Institute (Wi5), scheduled for next February 3-5 in San Jose, Calif. Bookselling This Week said that Pink's next book, Drive: The Surprising Truth About What Motivates Us (scheduled for January release), "presents a new way of thinking about motivation, one not based on reward-and-punishment system, but rather an 'innate need to direct our own lives, to learn and create new things, and to do better by ourselves and our world.'"
ABA CEO Oren Teicher said that Pink's "previous Winter Institute talk on the power of right-brain thinking captivated the interest of everyone in the room, and we believe his current focus will leave booksellers just as motivated."
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The Open Book, a co-op bookstore located in the former Harry W. Schwartz Shorewood location, plans to open November 7. The Milwaukee Journal Sentinel reported that the co-op, which received a "$35,000 low-interest loan from Shorewood for books and expenses . . . will compete with the nearby Boswell bookstore on North Downer Ave., at the site of another former Schwartz store. Owner Daniel Goldin said he didn't get any financial help from Milwaukee for his shop, and he's concerned that the new shop in Shorewood will hurt his sales."
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In the Huffington Post, Praveen Madan and Christin Evans, co-owners of the Booksmith, San Francisco, Calif., predicted that "independent bookstores can have a great future and we are betting our careers on it. What makes us optimistic in the face of all the doom and gloom surrounding independent bookstores? New opportunities that can help independent bookstores reinvent and reinvigorate their businesses. New opportunities being made possible by a publishing industry in turmoil, new opportunities being served up by new technologies, new opportunities we can identify if we pay attention to the unmet needs of our customers."
They explored "a short list of five such new opportunities," including:
- Literary community building
- Author services
- Enhancing the browsing experience
- Print on demand
- New markets
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The Town Book Store, Westfield, N.J., will celebrate its 75th anniversary during November. Owner Anne Laird, who purchased the the bookshop in 2007, told Bookselling This Week: "I feel fortunate I was able to keep it alive. It's something I didn't think would be a real possibility."
She added that her business has weathered the recession thanks to a supportive community. "People seem to be embracing the idea of shopping locally and having a hand in the success of local businesses," said Laird. "I can't tell you the number of people who said they had been planning to go to Barnes & Noble, but they decided not to when they saw our sign, which says, 'Nurture Your Community: Shop Local.' . . . The fact that we're surviving with so much competition speaks not only to us and what we're providing, but to the town itself and the people who live here."
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From Green Apple Books, San Francisco, Calif., the store that gave us the Book vs. the Kindle video series: the November book of the month video, which explores O.B.B. (overwhelmed by books) syndrome and recommends Running Away by Jean-Philippe Toussaint.
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The late J.R.R. Tolkien is one of the world's "Top-Earning Dead Celebrities," according to Forbes, which reported that the Tolkien estate and HarperCollins "recently reached a settlement with New Line Cinema over allegedly unpaid royalties from the Lord of the Rings movies. September's agreement was reported at over $100 million, meaning J.R.R. Tolkien earned a sizable income in the last year. His earning potential isn't dimming: The Hobbit is rumored for release in 2011, with directors Guillermo del Toro and Peter Jackson at the helm."
Dr. Seuss (Theodor Geisel) and Michael Crichton also made the Forbes list.
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Mary Alice and Marvin Schaefer, who have owned Glenwood's Books With a Past, Glenwood, Md., for 14 years, plan to close Saturday unless a potential buyer is able to close a purchase deal. The Howard County Times reported that as of early this week, Erin Matthews "was awaiting approval of a bank loan that would allow her to buy the store. If she is successful, the Schaefers, who live just four miles from the bookstore, plan to continue working in the shop while Matthews learns the business."