In 1936 George Orwell pointed out that one of the main difficulties of owning an independent bookstore is turning a profit.
This, of course, was long before Amazon.
But as NPR's Why The Number Of Independent Bookstores Increased During The 'Retail Apocalypse' reports, despite Amazon and other challenges independent bookstores are having a bit of a renaissance.
From 2009 to 2017 the number of U.S. independent bookstores increased roughly 40%.
So why is this happening?
According to a study by Harvard Business School professor Ryan Raffaelli, there are "“3 C’s” behind this resurgence: community, curation, and convening:
Community: Indie bookstores stress their local community ties and values. This positions them to benefit from the broader new localism trend.
Curation: Independents tend to focus on curating inventory that allows them to provide a more personal and specialized customer experience. They also stock books that appeal to local tastes and interests.
Convening: Independent bookstores are often community centers that host lectures, book signings, game nights, children’s story times and even birthday parties.
The rise of independent bookstores nicely illustrates several broader social trends impacting the economy.
These include the shift to experiences over things, growing interest in personalized services, unique products, and all things local, and the desire to be part of a community.
It's also an example of small firms thriving despite having to compete with global giants, such as Amazon. We refer to this as a barbell industry structure, which we cover in more detail in our Industry Structure section.
The growth of independent bookstores is another signal that the New Artisan Economy is gaining traction.
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