{"id":6006,"date":"2019-06-14T12:00:00","date_gmt":"2019-06-14T11:00:00","guid":{"rendered":"https:\/\/jerichowriters.com\/townhouse\/articles\/new-york-gets-daunted\/"},"modified":"2019-06-14T12:00:00","modified_gmt":"2019-06-14T11:00:00","slug":"new-york-gets-daunted","status":"publish","type":"post","link":"https:\/\/jerichowriters.com\/new-york-gets-daunted\/","title":{"rendered":"New York Gets Daunted"},"content":{"rendered":"<p>Usually, on Thursday afternoon or so, I start pondering what I\u2019m going to write about on Friday.<\/p>\n<p>This week: no pondering. There\u2019s only one thing I could possibly write about.<\/p>\n<p>The biggest book-related newsflash this week \u2013 or this year \u2013 is that <strong>Barnes and Noble is changing ownership<\/strong>. The ins and outs are a little complex (and everything is not quite settled), but if all goes according to plan:<\/p>\n<ul>\n<li>An investment firm, Elliott Advisers, is to buy Barnes and Noble, in a deal which values that business (including its debts) at about $700 million.<\/li>\n<li>That sounds like a lot of money, but given that B&amp;N\u2019s sales are $3.6 billion, the pricing actually feels pretty cheap \u2013 reflecting the dismal state of B&amp;N.<\/li>\n<li>Elliott is also the 100% owner of Waterstones, the British equivalent of B&amp;N. Both those chains are proper bookshops, appealing to proper book lovers. In that sense, the chains are distinct from the supermarkets, who just sell a lot of books but don\u2019t care about them, or the British High Street &amp; travel operator, WH Smith, which is as much a stationer and a newsagent as an actual book store.<\/li>\n<li>Waterstones was rescued from impending financial disaster by CEO James Daunt. It was Daunt who negotiated the sale of the firm to Elliott.<\/li>\n<li>Daunt will now act as CEO to both firms \u2013 B&amp;N and Waterstones \u2013 and will divide his time between London and New York.<\/li>\n<\/ul>\n<p>As it happens, Daunt also owns and runs his own mini-chain of high-end London bookstores. It was his experience at those stores which won him the position at Waterstones.<\/p>\n<p>So, assuming that all goes according to plan, James Daunt will be the book world\u2019s second most powerful human, after Jeff Bezos.<\/p>\n<p><strong>So what does that mean \u2013 for readers? For writers? For publishers? For anyone?<\/strong><\/p>\n<p>Well.<\/p>\n<p>It\u2019s a big and important move. James Daunt has a huge reputation in the UK and it\u2019s probably deserved. His secret sauce for success? Quite simply this:<\/p>\n<p style=\"text-align:center;\"><strong>There is no secret sauce<\/strong>.<\/p>\n<p>In the UK, Daunt simply took everything back to basics.<\/p>\n<p>He turned bookselling into a proper career. (Albeit, inevitably, a badly paid one.) He retained staff who cared passionately about books and waved good-bye to the rest, perhaps a third of them. He cut costs. He made his stores prettier.<\/p>\n<p>And, in a move so radical that it shook British publishing to its core, he let each store manager select their own inventory. So, yes of course, every store was expected to stock major bestsellers of the moment. But beyond that, what stores sold was guided by local passion and local knowledge. From a reader\u2019s point of view, stores got better. There was more energy, more passion, more commitment.<\/p>\n<p>But publishers, for a while, didn\u2019t know what to do. In the past, publishing worked like this:<\/p>\n<ol>\n<li>Publishers paid Waterstones a big chunk of cash to get into a 3-for-2 front-of-store promotion. So Waterstones was actually retailing its shelf-space. It wasn\u2019t really curating its own retail offering.<\/li>\n<li>Some of those 3-for-2s did really well, and became huge bestsellers.<\/li>\n<li>Others didn\u2019t, and the volume of returns was enormous (often 20% of total stock.)<\/li>\n<li>Publishers pulped those returns, ditched those authors and just made money from their mega-successes<\/li>\n<\/ol>\n<p>That was check-book publishing and check-book retail.<\/p>\n<p>Daunt killed that, and terrified publishers. How could they market books if the key step wasn\u2019t just throwing bundles of money at retailers? [and if you want a reminder of the different publishing options, <a href=\"https:\/\/jerichowriters.com\/how-to-get-published\/\" target=\"_blank\" class=\"bx-link\" rel=\"nofollow noreferrer noopener\">you can get that here<\/a>.]<\/p>\n<p>Well, they solved that problem \u2026 kinda. But all they really did was turn their attentions (even more than before) to the supermarkets and other mass retailers. Waterstones\u2019 local stores are great and feel like real bookshops \u2026 but they can\u2019t build a bestseller as they did in the old days, because each store chooses its stock according to its own tastes.<\/p>\n<p><strong>Daunt\u2019s path in the US is likely to follow the exact same route.<\/strong><\/p>\n<p>He\u2019s commented that one of the issues he feels on entering a typical B&amp;N store is quite simply \u201ctoo many books.\u201d Too much stock. Too little curation and guidance. Not enough knowledge from the booksellers. An atmosphere so flat, you could swap it for cigarette paper.<\/p>\n<p>He\u2019ll cut stock. Reduce staff, but retain the best and most passionate members. Eliminate central promotions. Get better terms from publishers. Sharply reduce stock returns.<\/p>\n<p>Do the basics, but do them right.<\/p>\n<p>The impacts, positive and negative?<\/p>\n<p><strong>The positive:<\/strong><\/p>\n<p>Elliott\u2019s cash plus Daunt\u2019s knowhow should save specialist physical book retail in the US. That\u2019s massive. It\u2019s the difference between a US publishing industry that operates much as it does now and one that would be almost wholly slave to Amazon. That also means that trad publishing is likely to survive in roughly its current shape and size, rather than being sidelined by the growth of digital-first publishers (notably self-pubbers and Amazon itself.)<\/p>\n<p><strong>The negative<\/strong>:<\/p>\n<p>US publishers will have to learn the lessons already absorbed by the Brits. If B&amp;N no longer operates national promotion systems as in the past, publishers can\u2019t make a bestseller just by buying space. Yes, they\u2019ll go on seeing what they can do on social media and all that stuff. But, as in the UK, they\u2019ll be even more dependent on supermarkets. The make-or-break of a book will be not \u201cIs this wonderful writing?\u201d but \u201cdid we get enough retail space in enough supermarkets at a sufficiently attractive price?\u201d<\/p>\n<p>I know any number of authors where Book A did incredibly well, Book B did poorly \u2026 and Book B was better than Book A. The difference, in every case, was that the supermarkets backed A and not B, and there\u2019s damn all a trad publisher can do once the supermarkets have said no.<\/p>\n<p>Oh yes, and supermarkets don\u2019t really give a damn about the quality of writing. They don\u2019t know about the quality of the writing. They just buy on the basis of past sales (if you\u2019re John Grisham) or a pretty cover (if you\u2019re a debut.)<\/p>\n<p>Of course, they\u2019d say their selection is a damn sight more careful than that, and it probably is. But that\u2019s still \u201ccareful by the standards of people who mostly sell tinned beans and dog food for a living.\u201d That\u2019s not the same thing as actually being careful.<\/p>\n<p>That sounds like a fairly downbeat conclusion, but the Elliott-saves-B&amp;N news is still a real big plus for anyone who loves traditional stores, print books and traditional publishing. It\u2019s the single biggest win I can remember over the past few years.<\/p>\n<p>What that win won\u2019t do, however, is weaken the hold of supermarkets and Amazon over book retail. Those two forces are still huge. They\u2019re still central.<\/p>\n<p>And of course, talking about print books has its slightly quaint side. Me, I prefer print. I hardly ever read ebooks. I just spend enough time on screens as it is.<\/p>\n<p><strong>But print books constitute less than 30% of all adult fiction sales, and online print sales accounts for a big chunk of that 30%.<\/strong><\/p>\n<p>In other words, all those B&amp;N stores up and down the US are still only attacking 23% or so of the total adult fiction market. However well Daunt does, that 23% figure isn\u2019t about to change radically. (Or not in the direction he wants, anyway.)<\/p>\n<p>But, just for now, to hell with realism. Let\u2019s remember the magic of a beautiful bookstore.<\/p>\n<p>Daunt does. Here are some comments of his from 2017:<\/p>\n<blockquote>\n<p>\u201c[there is a sense that] a book bought from a bookshop is a better book&#8230;. When a book comes through a letter box or when a book is bought in a supermarket, it&#8217;s not vested with the authority and the excitement that comes from buying it in a bookshop. \u2026Price is irrelevant if the customer likes the shop. The book is never an expensive item, [particularly for the many customers who] we know are quite happy to go into a caf\u00e9 and spend dramatically more on a cup of coffee.&#8221;<\/p>\n<\/blockquote>\n<p>Quite right, buddy. Now go sell some books. The readers need you.<\/p>\n<p>Till soon<\/p>\n<p>Harry<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Usually, on Thursday afternoon or so, I start pondering what I\u2019m going to write about on Friday. This week: no pondering. There\u2019s only one thing I could possibly write about. The biggest book-related newsflash this week \u2013 or this year \u2013 is that Barnes and Noble is changing ownership. The ins and outs are a<\/p>\n","protected":false},"author":32,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[29292],"tags":[],"class_list":["post-6006","post","type-post","status-publish","format-standard","hentry","category-harrys-friday-email"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.2 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Jericho Writers<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/jerichowriters.com\/new-york-gets-daunted\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"New York Gets Daunted &#8211; Jericho Writers\" \/>\n<meta property=\"og:description\" content=\"Usually, on Thursday afternoon or so, I start pondering what I\u2019m going to write about on Friday. 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I've published trad &amp; self-pub. Love both. Best known for my Fiona Griffiths crime series. Oh yes, and I'm the capo di tutti capi at Jericho Writers.","url":"https:\/\/jerichowriters.com\/author\/harryjericho\/"}]}},"_links":{"self":[{"href":"https:\/\/jerichowriters.com\/index.php\/wp-json\/wp\/v2\/posts\/6006","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/jerichowriters.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/jerichowriters.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/jerichowriters.com\/index.php\/wp-json\/wp\/v2\/users\/32"}],"replies":[{"embeddable":true,"href":"https:\/\/jerichowriters.com\/index.php\/wp-json\/wp\/v2\/comments?post=6006"}],"version-history":[{"count":0,"href":"https:\/\/jerichowriters.com\/index.php\/wp-json\/wp\/v2\/posts\/6006\/revisions"}],"wp:attachment":[{"href":"https:\/\/jerichowriters.com\/index.php\/wp-json\/wp\/v2\/media?parent=6006"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/jerichowriters.com\/index.php\/wp-json\/wp\/v2\/categories?post=6006"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/jerichowriters.com\/index.php\/wp-json\/wp\/v2\/tags?post=6006"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}