Bookshops: A Retail Bright Spot

Margareta Pagano’s article in the December 12th issue of the Evening Standard contained welcome news, ending with this: “But the best news of all is that people are buying books again in physical book shops, rather than on line with Amazon.  It’s difficult to get accurate figures, but there is a definite shift back to bricks and mortar: Waterstones, which bought Foyles earlier this year, is making excellent profits and opening new stores again.  And, for the first time in years, there are more new opening of book shops this year than closures.”

ResPublica says about Ms Pagano. “(She) is a columnist and the Independent and the Independent on Sunday. She is one of the UK’s leading financial journalists and has worked for the Daily Telegraph and the Sunday Telegraph, the Times and the Sunday Times. A founding editor of the Financial News, Margareta helped turn this specialist newspaper into one of the City’s premier online news services which is now part of Dow Jones. She also writes for the Spectator and the First Post and appears on TV as a financial commentator.”

Margareta Pagano

The article begins: ” . . . here’s as safe bet; you are going to buy or receive from someone in your family either Michelle Obama’s autobiography, Becoming, or The Ice Monster, by David Williams and Illustrated by Tony Ross. . . . To date, Obama’s Becoming is the fastest-selling, hardback, non-fiction title in the UK since Alex Ferguson’s My Autobiography published five ears ago. . . . It is being gobbled up by women of all ages around the country to give to their female friends and relatives.  They also reckon that with two million copies of Obama’s book having been sold worldwide more or less at the full price, Penguin Random House may be close to raking back much of the enormous $65 million (£50 million) advance paid to the Obama couple for their books- the former president, whose biography is out next year, has a job on his hands to beat his wife’s record.

“Like in the jewellery business, December is the Holy Grail for the book trade with u to 40% of all fiction and non-fiction books sold in the Christmas month.

“The latest figures from Nielsen BookScan show that sales for the year up to December 1 are 1.3% up on the year before at £1.3 billion, although volume sales are down a smidgen.  This is still along way off its pre-crash heyday, when sales between 2006 and 2007 hit a record £1.9 billion.  But Tom Tivnan of The Bookseller says the industry is going through a renaissance and reckons that sales this year could be a\s high as £1.6 billion after Christmas is taken into account.

“What is driving this revival? Fewer retailers are discounting prices, digital has opened up new markets and book shops have woken up to the need to host live events with authors and other experiences to attract readers.  Growth is most marked in the childrens’ books market and in audiobooks.  Audiobook sales are up 20% year on year and have created a new market, notably among men aged between 25 and 45, a demographic that traditionally reads the least.  In an era when time is short and the mood troubled, readers are also pouncing on ‘smart thinking’ books and authors who stir debate. That’s quite a contrast to the Ladybird books and adult colouring books which did so well after the crash.”

On a personal note, I should mention that Achieving Superpersonhood: Three East African Lives has been named winner in the Novel category, Pinnacle Book Achievement Awards, 2018.

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