Today my wife and I went downtown to look for bargains at the Border's Bookstore closing sale. It was a most melancholy experience.
The cafe where I have spent a few hours resting and relaxing from the hustle and bustle of downtown Christmas shopping, enjoying a coffee or two while I perused the periodicals and books offered for sale, is no more. It was one of the first areas of the store to go. Even the comfortable chairs are gone, stacked to the side awaiting sale of the store's fixtures.
The rest of the store has that picked over look that descends upon the unlucky enterprise that is about to be no more. Everything is marked down 25 to 50%. It would seem that bargains should abound. but they do not. The area where a true buy can be found is in the magazine section where everything is marked down 50%, because nobody discounts current issue magazines. The books are marked down 25 to 30% of retail, which means that you can still buy them cheaper on Amazon, especially if it's in ebook form. Yet shoppers were gleefully taking away shopping bags full of books.
Border's, the chain, is in trouble, having filed Chapter 11 bankruptcy, and whether or the closing of this store and others around the state and nation will stem the hemorrhaging of red ink only time will tell. The biggest hurdle they face is a corporate culture which failed to embrace change and maintained a business plan that was workable in the 1980's and 90's, but was not ready for the e-commerce of the 21st century. They did not deeply discount books after an initial new book discount of usually 30-40%. Their web presence is an afterthought without the deep discounts of their competitors. They did not adopt a signature e-reader platform. E-readers are currently the top sellers for both Amazon and Barnes & Noble. While there may be some nostalgia for the feel and comfort of the printed edition, the ability to have your entire library at your fingertip, any time and any place, is intoxicating. The printed word may be going the way of iceboxes, B&W TV and PONG.
The bottom line here is that regardless of the root cause, the market works. Over saturation of the market is deadly. If you look at the make up of the market in Indianapolis for bookstores, within a two mile stretch of 82nd Street you will find two Border's and one Barnes & Noble. Throw in the Downtown Border's and something has got to go. The most logical choice would have been the Border's in Castleton but it's location in the mall gives them prestige and visibility. I'm sure they pay dearly for that space. The bookstore there has a very limited selection. The location next to the Fashion Mall has a larger selection and a devoted clientele. This location and the Downtown location should have been the ones to stay.
The other question the closing of the Downtown Border's raises is the fate of some prime retail space. Will the downtown area ever finish it's stalled renaissance or will it slide back into disrepair and despair. What effect will the parking meter changes have of the area's vitality? Can the reputation it's getting for crime and violence be eliminated? Will the downtown panhandler problem ever truly be fixed? This last issue had a huge impact on the desirability of visiting the Downtown Border's.
In the meantime the bargain hunters continue to whittle away at the remaining inventory like a cancer robbing the body of nutrients. The store has taken on the aura of an old friend who is quietly wasting away and waiting for death. Rest in Peace, my friend, rest in peace.
