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You might think the widespread store closings resulting from Borders' recent bankruptcy would be good news for independent booksellers. But you'd be wrong.
Inkwood Books, a perennial favorite among Tampa's voracious readers for nearly 20 years, is lamenting the shutdown of all three of Borders' citywide locations, two on North Dale Mabry Highway and one at Westfield Brandon mall. It is offering a 25% discount to Borders Rewards cardholders as a way to win their business.
Ann Arbor, Mich.-based Borders Group Inc. filed for Chapter 11 bankruptcy protection Feb. 16 amid fierce online competition and mounting debt.
Seven stores along the Gulf Coast are among 200 closing nationwide (including locations in Clearwater, Sarasota, Naples and Fort Myers), while one will remain open at Tyrone Square Mall in St. Petersburg.
Leslie Reiner, co-owner of Inkwood Books at 216 S. Armenia Ave., says Borders' bankruptcy makes a “disturbing” statement about book buying, especially as more readers find cheaper ways to download electronic versions of the latest releases. Inkwood offers both traditional volumes and e-books, but she notes readership choice isn't the issue.
“The bankruptcy will also seriously affect the publishers we deal with as they grapple with the huge losses of both revenue and a major outlet for titles,” Reiner tells Coffee Talk. She points out that 45 cents of every dollar spent at indie stores stay in the community, while not one penny gets left behind by remote online vendors.
Comparably, only 13 cents per dollar spent with national chains, such as industry leader Barnes & Noble, stays put locally. But book buyers, like most customers, aren't likely to think about that when looking for the best price.
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