LONDON: A shadow hangs over the aisles this year and if it’s not made up of volcanic ash this time, the consequences could be even more worrying for British publishers.
The shadow is called Waterstone’s whose fate is of concern to almost everyone at Earls Court. At the moment, the chain’s founder Tim Waterstone and his Russian investor partner Alexander Mamut have until 20 April to present their bid for the beleaguered chain. They are in a strong position since Publishing Perspectives understands they are the only bidders and can thus negotiate the price down and down.
But here’s what is worrying British publishers: the extent of the likely shop closures. Former Borders UK CEO Philip Downer, who now carries out general retail consultancy and blogging at frontofstore.org , believes as many as 200 shops could close. “It needs to come down to a sustainable base of around 100 stores. They need to get out of the malls for a start. People who go to malls don’t buy books, they buy fashion. One of the problems they face is that once you cut down your backlist you lose a chunk of your customer base.”
More at Publishing Perpectives.
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