Wednesday, July 31, 2013
Sometimes Encouragement Comes in from an Unexpected Direction.
Rob Kimmett, Sr. VP Marketing, New England Credit Union Services, LLC
As proof of that idea I offer a recent news report about book stores aired on American Public Media’s business program Market Place.
If any type of business was a candidate for dinosaur status it was the corner bookstore. First it was the giant retailers that would do them in and then it was Amazon with help from the kindle and the Ipad. But a funny thing happened and small credit unions might see some parallels and find some inspiration in it.
The ebook trend did create economic chaos but the victims turned out to be the big retailers, Borders and to a lesser degree Barnes and Nobles. On the other hand since 2009, more than 300 independent bookstores have opened, and store sales were up by 8 percent last year. How is this possible? Industry experts point to the fact that the independent booksellers are becoming increasingly nimble and that they have established a strong presence online to compliment their main street retail stores.
Additional factors that analysts site are the “buy local” movement and personal recommendations.
The takeaway? Size isn’t everything. Ask the Brontosaurus.