The days of staying in your lane for specialty retailers is long over. Look at almost any specialty retailer and they earn from products outside the specialisation reflected in their single.
I was reminded of this recently when at a large bookshop. They had this massive wall of socks.
I don’t see a connection between books and socks except that people who read books also wear socks. It turns out the wall became free as a result of remodelling and they wanted a single category solution for the wall. Socks happened to fit. I am told the results have been terrific.
The sock wall i9n this awesome book shop was a reminder to not be constrained by the obligations of the shingle.
Was in an Adelaide bookstore recently and surprised that premium space, ground floor on lease line, was all gifts a nd no books.
Books may have passed their low point. But same issue remains, low margin makes life a struggle.
It’s interesting Colin. I know of several newsagencies that have grown books from $10K a year a few years ago to north of $100K a year now, and at between 40% and 50% GP by being careful as to what they stock.
In each case, their specific location is a key factor in their success.