Competitor Monitoring: Barnes & Noble To Close Underperforming Stores
Barnes & Noble plans to close underperforming book stores in order to improve its position in the marketplace. Michael Klipper, chief executive of Barnes & Noble's retailing sector, revealed the plans in a recent interview with The Wall Street Journal.
He explained how the retail chain planned to close around 20 stores a year over the next decade. By the end of this period, the company should have between 450 and 500 stores in operation. "You have to adjust your overhead, and get smart with smart systems. Is it what it used to be when you were opening 80 stores a year and dropping stores everywhere? Probably not. It's different. But every business evolves."
The announcement reflects the changing shopping habits around the globe: consumers bypassing physical stores in favour of shopping online. The CEO confirmed that 97 per cent of Barnes & Noble's book stores are profitable.
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