One of my newsagencies is in a centre which used to boast a Borders store. My research suggests that the closure of Borders has added between $150 and $200 a day to our sales. This is across several categories with magazines the core beneficiary.
We positioned ourselves to make the most of the opportunity by starting some months ago by enhancing the range of magazines we carry. This project continues thanks in part to the arrival of IPS.
We have not made any major move into books because we do not have the space – this newsagency is just 135 square metres. So, we continue with our commitment to remainder books and seasonal book sales. We enjoy good success from that.
While it’s not ideal to profit from someone else’s misery, I’m happy to have the opportunity to leverage good news from the closure of Borders.
I’d encourage other newsagents near a now closed Borders store to seek out similar opportunities.