Waterstones was sold to Russian billionaire Alexander Mamut, who tapped Daunt to be its managing director. His task was to turn around the struggling chain, which by that point was both unprofitable and widely perceived as money-grubbing and tacky. But then Daunt set about breathing life back into the company, in part by doing away with everything that made it cookie-cutter.
Booksellers at individual stores could even set their own prices. He also passed on some tricks of the trade. He did away with staff uniforms and three-for-two discount deals, and worked to make the shabby branches look polished and welcoming again. He also had Waterstones stop peddling so many non-book products. Stationary, greeting cards, and other paper-based items were similar enough to books to be sensible.
Educational toys and games were logical, too. Galoshes, on the other hand, were not. In , Waterstones turned a profit for the first time in eight years. The turnaround was all the more remarkable because Daunt essentially convinced Waterstones to think locally—a reversal of the usual formula for success in big retail stores. There was also the mom and pops; then there were the giants.
Every given a wealth of mystery, love, drama, history, entertainment, instruction, and a great deal more. Due to that, you nearly always need to inspect it. You find a good deal of classics, war, and cookbooks.
I love to pre-order books or move and look for books that are likely to be published shortly. Anytime I attempt to look up a book in the search bar at BAM, it practically never requires me where I wish to go. Hot Property. Times Events. Times Store. Facebook Twitter Show more sharing options Share Close extra sharing options. By Associated Press.
Associated Press. More From the Los Angeles Times. Revenue and profits have shrunk. In the past four years, the stock price has plummeted by a third that includes the Elliott run-up. The company has been a revolving door for chief executives. Last summer, it fired the fourth one in five years.
It now also sells toys and other junky non-book merchandise, to little effect. Despite these challenges, Daunt and the Elliott juggernaut are arriving at a propitious time for physical books. Turns out that e-books, once thought to be the death of paperbound volumes, are ebbing in popularity, and printed books are making a modest comeback.
According to Publishers Weekly, they rose 1. Polls show people increasingly like books made from trees, even the electronics-obsessed younger set.
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