For the stores located in a mall, will they close or will the go to a smaller space? We talk about this often at our store and I'm afraid we'll just close down with slaes being so bad.
Do malls renegotiate per year only, or can it be by the month? If that's the case we could get through the holidays. Anyone have any clue what the plan is?
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Jeff Bezos approached Len Riggio in the mid 90’s to partner up with him and Riggio blew him off saying their website would destroy him with their new web site
It’s that arrogance that did them in. And, continues to.
I worked corporate IT for them from the early 90’s to 2000. I started working during the superstore growth period and was on the ground floor in the mid 90’s when they build barnesandnoble.com. Saw them closing a lot of superstores and get rid of B Dalton in malls. The issue has been since the mid 90’s Amazon (Jeff Bezos approached Len Riggio in the mid 90’s to partner up with him and Riggio blew him off saying their website would destroy him with their new web site which I worked on). Downhill ever since.
It's really sad but true. B&N is closing most stores once the lease is up and if someone else is looking to take over the space, they'll let them. The company is doing so poorly, it can no longer afford these expensive spaces. Look for more and more closures over the next few months.
I found the article. It was in several publications.
The future of Boston’s largest bookstore, Barnes & Noble at the Prudential Center, is uncertain.
According to a commercial real estate broker with knowledge of the situation who asked for anonymity, the bookstore’s lease is about to expire and the chain has not entered negotiations to renew with Boston Properties, the Prudential Center’s owner.
Barnes & Noble is the country’s largest book chain and its Boston store has consistently been one of the company’s most profitable locations. The chain was publicly held until acquired in 2019 by private equity firm Elliot Management. During the pandemic, Barnes & Noble temporarily closed 400 of its 620 stores.
The Boston store occupies 36,000 square feet and is the Prudential Center’s largest retail tenant. It combines book sales, coffee shop and is noted for lectures and book signings. Spokespeople for Barnes & Noble and Boston Properties did not respond to requests for comment.
A knowledgeable source who also requested anonymity said that the Harvard Book Store which is owned by Boston Globe and Red Sox owner John Henry has expressed interest in acquiring at least some of the space.
What was the news article? I googled and can't find anything.
Are you managers answering this?
Also in most cases once your store closes, that’s it. The SM and ASM might get relocated but the BN business model is small stores with no staff. So don’t expect to save your job. Seen it happen at three stores in my area. Only reason one of them even knew they were closing is because a news article broke about it before corporate said anything. Check your local commercial real estate listings if you really want to know.
They can do whatever they want. Our store is in a mall and I’m almost positive we’re going to close before year end. The lease doesn’t matter, if the rent is too high BN will break it. I know our mall owner doesn’t want us here and rumors are swirling about a possible replacement. But to answer your question, most leases are in five to ten year increments.