Trends, Counter-Trends, and Re-Evaluations

At the PowerUp! ceremony last night, I mentioned the headline of the (otherwise lovely) New York Times article on my bookstore party, which read "A Woman Dreams of Opening a Bookstore, and Defying the Trends." I asserted that the existence of the 75 stellar business plans in this year's competition suggest that my efforts to open an indie bookstore actually embody any number of trends: toward localism, toward idealistic entrepreneurship, toward communities taking charge of their own sustainability, toward valuing books, toward the growth of vibrant, savvy independent businesses.

Thus, it was rather gratifying to read in book industry newsletter Shelf Awareness today that two major papers have been revisiting the common perception of the trends.

The Wall Street Journal article "Folks Are Flocking to the Library, a Cozy Place to Look for a Job" begins

"A few years ago, public libraries were being written off as goners. The Internet had made them irrelevant, the argument went. But libraries across the country are reporting jumps in attendance of as much as 65% over the past year..."

Business librarian Maud Andrews and I discussed this issue at the reception last night: that bookstores and libraries have certainly had to revamp their business model, to become gathering places for the sharing of information rather than warehouses of information on paper. But it's working, for both of us.


The San Francisco Chronicle's piece "Bay Area indie bookstores beat the odds" (deja vu to the Times article) begins thusly:

"As everyone knows, independent bookstores are dead. Or at least dying. Next to opening an indie video rental store, it is hard to imagine a less promising investment opportunity.....

Defying conventional wisdom, and despite what you hear every time a landmark bookstore closes - Stacey's on Market Street is the latest example - independent bookstores are thriving in San Francisco."

The article details the passion and smarts of Preveen Madan and Christin Evans, who bought the small indie store Booksmith and are succeeding in their goal to "push the boundaries of a bookstore for the 21st century," along with Pete Mulvihill, one of the three partners that runs Green Apple Books, who talks about indie bookstores curatorial role.


It feels serendipitous to hear these stories that question the negative "trends" by really observing the successes and changes that are occurring in the world of books, after going out on a limb to assert that the trends are not as they are often assumed to be. Given the wonderful plans I saw last night, and the passion and energy evident in the entrepreneurs, the future is not so bleak as it might have appeared.


(cross-posted on The Written Nerd)

Return to PowerUp!

This Wednesday, January 14 at 6:00 PM is the awards ceremony for the Brooklyn Business Library's PowerUp! Business plan competition. Just to draw out the tension before awarding the $5,000 and $15,000 prizes, the library invites local business figures and past winners to speak.

As last year's grand prize winner, I've been asked to say a few words, so I'll be there representing Greenlight Bookstore as one of the speakers. Though we don't have a bookstore yet to point to, I'll talk a bit about working with the Fort Greene Indie Bookstore Initiative, partnering with Rebecca, and the business plan as a living, adaptable document. I'm drawing up my "remarks" today -- it's a good opportunity to look back over the past year.

I'm excited to see this year's winners. If you're interested in attending, it's free -- registration info is here.

Kudos to the wonderful librarians and staff at the Brooklyn Business Library for making this possible again. And congrats to all the entrepreneurs who got their plans completed for the competition -- it's an important first step.

Response to our Yellow Light announcement

After the heartache and difficulty of making the decision to postpone our attempts to open the store, and worries that we're letting down the community and the industry that have been so encouraging, Rebecca and I have been so gratified by the responses to our announcement via email and our blog post on Monday. Our supporters have been so incredibly... well, supportive. I wanted to share with you some of their good words, which mirror our own feelings of long-term optimism.

"Thanks for the update. An unfortunate turn of events, but probably a wise strategy."
- Fort Greene resident

"I think your circumspection is as good a reassuring signal to potential investors as you can offer. None of us knows just what will be in the near future, and I am glad your original stake is secure. Do keep us in the loop."
- potential investor

"Timing is everything in business and I applaud that you have the perspective to realize that this is not the best time to launch. I know the ambition is still burning and we will see Greenlight Books, albeit on a later schedule."
- member of the FGIBI committee

"I can't tell you how sorry I am that this economy has proven bad timing for the bookstore, but I know you will persevere and wish you the best of luck!"
- member of the FGIBI committee

"Thanks so much for this update and for your passion for this bookstore in our community."
- Clinton Hill resident and publishing executive

I think it's a wise choice. We'll all be here when you feel it's the right time. All best wishes (for all of us!)"
- publishing executive

"keep us posted!!! we have have high hopes for 2009:)"
- potential investor

"Great to hear. Don’t give up!"
- literary agent

"I am sure it has been a bit of a rough time for you to have to put a brake on your dream. I know how tough that must be. but rest assured, It Will Happen! I actually think it is prudent to ease off for the moment, and a year is not such a long time and will allow you some time to survey the retail scene: rental, consumer, bookselling. I can't wait for Greenlight Bookstore!"
- fellow bookseller


Thanks so much to all of you who have offered your wise words and your continuing support. We WILL keep you posted, we will NOT give up, and It Will Happen.


P.S. Credit where credit is due: Kelly Amabile of Book Culture and the IBNYC coined the phrase "a yellow light for Greenlight" when she learned about our name and our plans. Thanks to her especially for her creativity and her outlook: this is only temporary, after all.

A Yellow Light for Greenlight

Two announcements today:

1) We're releasing the name of our future bookstore: Greenlight Bookstore! Much more about that name later on.

2) If you haven't heard from us on this blog for a while, it's because we've been wrestling with some tough decisions. The letter below is one we sent to some of our supporters, which we're now sharing publicly. In the next few days we'll be sharing some of the feedback we've gotten. Feel free to leave your own comments here -- we appreciate hearing from you.

Dear supporters of Greenlight Bookstore,

Back in mid-September, Jessica and Rebecca, along with the Fort Greene Indie Bookstore Initiative, threw a party that embodied our excitement about opening a new independent bookstore in Fort Greene. The response of the community showed us that our enthusiasm was shared by many. We set out with high hopes that we would secure a location and additional financing and open as quickly as possible. We have been looking for the right space since then, and contacting those who expressed interest about becoming investors in order to raise the remainder of our capital.

Between the party three months ago and today, some things have changed. There have been huge changes in the national economy, which we have seen manifested here in Brooklyn. Many who would have liked to invest in the bookstore have found themselves unable to do so. Consumer spending has fallen as everyone makes sacrifices – even on something as important as books. As with all retail sectors, independent bookstores have seen a significant drop in sales over the last two months. Our trusted mentors in the industry have advised us that it would be extremely risky to start our business now. The first year of a retail business is difficult enough; to make that beginning now, in this extremely uncertain climate, would be to give ourselves a handicap we might not recover from.

Some things have not changed, however. We still have every intention of opening a bookstore in Fort Greene that will benefit the community and showcase Brooklyn's vibrant literary culture. Our own capital is still secure: we didn't have any of our money in the stock market, so our financial situation is the same as it was in September (which is to say, better financed than most small businesses starting out). But after some soul-searching, we have decided that we must adjust our time frame. Rather than hoping to open the bookstore in early 2009, we will be looking at the later part of the year, or early 2010, depending on how the economy looks between now and then. Of course, if we were to find a wonderful location at a well-below market rent, we might consider opening earlier, but only if it were something truly out of the ordinary to offset the risks we would be taking. We feel this is the best strategy to ensure that the bookstore we create will be able to survive and thrive for years to come.

In light of this, we're asking those who have considered or committed to becoming community lenders to wait as well. As we monitor the economic situation and adjust our business plan accordingly, we will be in touch again when we are ready to move forward. We hope that by waiting we'll be able to give lenders the best value for their dollar, as well as saving the business from accruing debt before we are ready to begin work.

Thank you for your understanding of this difficult decision, and for your ongoing support of the bookstore's efforts. We will certainly keep you posted on our progress or any developments, primarily via our blog, which you can now find at www.greenlightbookstore.com. We wish each of you the best in the year to come, and look forward to partnering with you on creating the best bookstore possible when the time is right.

Best regards,

Jessica Stockton Bagnulo and Rebecca Fitting
Proprietors, Greenlight Bookstore LLC