Last week, we told you about the mixed prospects for booksellers this holiday season: On the one hand, retail seers worry this is going to be the worst year for holiday spending since the ’80s; on the other, only one-fourth of the consumer base says they’ll be extra-frugal, and books are high on their shopping lists. With that in mind the American Booksellers Association is launching a major marketing drive through its new IndieBound program to spread the word about what great gifts books make.
At the same time, ABA CEO Mark Domnitz has sent an encouraging letter to bookstore owners, reminding them that “it’s essential to try to remain proactive rather than reactive” in this economy—while underscoring the fundamental retail principle that “cash is king.” Towards that end, Domnitz suggests store managers think about sifting through their inventory and make some returns right now so they have cash on hand to order extra copies of whatever turns out to be the unexpected hit of the season. He also recommends keeping a tight rein on the payroll. You don’t want to be understaffed on peak shopping days, of course, but you also don’t want to spend more than you need to. “With proactive planning and analysis,” he assures ABA members, “you can put yourself in the best possible position to maximize the potential for this holiday season.”