Waterstone’s Fights Back
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A few of the city’s leading independent booksellers reacted with surprise to the possibility of more Waterstone’s stores in the market. “I can’t imagine where they would find a suitable neighborhood that isn’t already being well served,” says Barbara’s Bookstores co-owner Pat Peterson. But Waterstone’s plans in Chicago are consistent with what the company is doing in Boston: opening more stores in reaction to the competition.
Downer claims to be satisfied with the evolution of the Waterstone’s Michigan Avenue location in the 17 months since it opened. He says the store’s strongest suit is fiction, and the company’s reputation is for stocking a range of classic and back-list titles often not readily available in other large bookstores, where the accent is primarily on new releases. While discounting is not a prominent part of the Waterstone’s retailing philosophy, the company has responded to its pervasive presence in the market by heavily marking down New York Times best-sellers and offering sales on selected categories throughout the year. Downer said Waterstone’s mounts storewide sales only once a year, but he also said the company will carefully monitor any moves Borders makes to capture market share on North Michigan Avenue and respond accordingly.
