He is resolute in his belief that the key for B&N to succeed is to empower store managers.
#SELLING BOOKS BARNES AND NOBLE FULL#
Lowering returns has been one of Daunt’s priorities since he took over B&N, and while progress has been made, he said there is still room for improvement.ĭaunt gave store employees full credit for getting B&N turned around, acknowledging the difficult conditions they were working under during the depth of the pandemic while also learning a new way of working. Resupplying stores is a “central focus,” Daunt said, and the company has invested in its distribution centers and people to make its internal supply chain operate more efficiently. The goal is to make sure books that are selling well have the necessary quantities, and books that aren’t working are returned quickly. “Managers are in charge of the way the titles are presented,” Daunt said. Daunt acknowledged that most stores will carry many of the same titles, but where the books are placed, and in what quantities they are ordered, is now left to managers. The most important change Daunt has made to B&N-giving local store managers more control over what, and how, they sell in their stores-has kicked in. Book sales have remained resilient during the recession, interest in reading is up, all B&N stores have undergone at least one round of refurbishing, and rents are down. Unlike his first few months on the job, Daunt said trends now seem to be in B&N’s favor. Urban areas are having the hardest time recovering from the pandemic, and New York City in particular, Daunt said, has been “a drag” on the overall rebound. The pandemic has continued to hurt B&N’s café and newsstand results, but books and other core areas, such as educational games, puzzles, and workbooks, have done well, Daunt said. chain Waterstone’s, Daunt said total B&N sales are up about 5% to 6% so far this year, compared to 2019, with book sales up by double digits. office, where he has been managing both B&N and the U.K.
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Simon & Schuster CEO Jonathan Karp credited Daunt with “revitalizing” the retailer, while HarperCollins CEO Brian Murray praised Daunt’s decision to remake the stores during the pandemic and for his ability to convince Elliott to keep investing in the business, adding that HC’s sales with B&N are up. However, as bookstore sales have bounced back from the depth of last year’s slump (bookstore sales were up 30% in the first half of 2021 over the comparable period last year), publishers say B&N has been performing well.
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While Daunt appeared confident B&N could weather the Covid storm, others in the industry were not so sure how much time the new owners would give Daunt to turn around the bookstore chain at a time when the viability of physical retail was being called into question. Daunt had planned to remake the stores over an 18-month to two-year span, but the retail lockdown, coming less than six months after Daunt took over as CEO following the acquisition of B&N by Elliott Advisors, forced his hand. A little more than a year ago, Barnes & Noble CEO James Daunt used the forced closure of nearly all of his physical stores to begin refurbishing the interior of each location, as well as to review each store’s title selection.