Notes: Indie Bookstores Fight Back; B&N Dividend
For a Capital Times article featuring Madison, Wis., bookshops Booked for Murder, Avol's Bookstore and Room of One's Own Feminist Bookstore, the topic of the day was "independent bookstores fight for survival."
Booked for Murder owner Sara Barnes gives new customers "a personalized tour of the store and her sales pitch about why someone should buy a book as a gift, even in a tight economy."
"Books are practical gifts," she said. "Look to past bad times; a book is a great investment. In terms of the max bang for your entertainment buck, a book is primo."
The Times reported that Ron Czerwien, owner of Avol's Bookstore, "has helped the store survive by listing more than 18,000 used books online for purchase . . . Currently, online sales account for about 40% of the store's revenue, and without the online bookselling, Czerwien said the store would not be in business."
Sandy Torkildson, owner of A Room of One's Own, said people are beginning to realize the importance of shopping locally, and customers understood "that this is a hard time for retailing and that they wanted to be wise about how they spent their money so that places they really care about will be around after things get better."
Barnes added that despite a "a great, great, loyal customer
base," she plans to continue to adapt to the changing marketplace. "I can't afford to take chances," she said. "Everybody is scrambling and scared, but I want to be the little store that could."
---
Barnes & Noble is maintaining its dividend of 25 cents a share. It is payable March 31 to shareholders of record on March 10. At the current stock price of $16.78 a share, B&N's dividend yield is 5.8%.
---
Although the building occupied by Heights Books, Brooklyn N.Y., has been sold, co-owner Tracy Walsch told the Brooklyn Paper that the shop will reopen next month at a new location in the nearby Cobble Hill neighborhood.
"My preference was to stay in the Heights, but the new space is nicer," said Walsch, who added she could appreciate the new location even more if the economy improved. "In this market, it's tough. Retail sales are down, and moving is expensive.
---
Park Row Booksellers, Clinton, N.Y., is on the market. Owners Debbie and Paul Tennis "hope to pass the business on to someone new," according to the Utica Observer-Dispatch.
"We aren't closing," she said. "The store is for sale."
When asked what might happen if a buyer cannot be found, Allyn Beardsell, the business broker who is working with the Tennises, said, "It stays on the market until it can be sold. We don't anticipate that because we have some interested parties."
---
Ursula Abrams, owner of Twice Told Used Books, Ballston Spa, N.Y., will close her shop by the end of March, the Saratogian reported. She had been trying to find a business partner since last fall (Shelf Awareness, November 4, 2008). Abrams will continue to sell books online.
"It’s a difficult business to begin with," she said. "The economy has made it impossible to survive. We've seen a huge downturn in volume and right before Christmas, credit card sales stopped. People were really afraid of their future."
---
Ian McEwan told the Guardian that his trio of "first readers" for any new work are poet Craig Raine, historian Timothy Garton Ash and philosopher Galen Strawson. McEwan and Raine have a shorthand way of warning one another when they are descending into the comforting but dangerous realm of cliché. They write "FLF" in the manuscript's margin, for "flickering log fire."
---
Houghton Mifflin Harcourt will publish The Legend of Sigurd and Gudrun, an "early, long-unpublished work by J.R.R. Tolkien," in May, the Associated Press reported, adding that the book, written in the 1920s and 1930s, is "a thorough reworking in verse of old Norse epics that predates Tolkien's writing of The Hobbit and The Lord of the Rings trilogy."