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Home > Business/Finance > Training and Education > Publishing
Book Retailing - UK
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- Issues in the Market
- Main themes:
- Definition
- Abbreviations
- Market in Brief
- Book sales growing but value diluted by discounting
- Factors influencing growth in sales
- Where people buy books
- How people are buying books
- Technology creating new opportunities for growth
- Future prospects for the market
- Industry Insights
- The sales picture
- Segment performances vary
- Children are the future
- Lower prices stimulate hardback market
- Academic sales vulnerable
- Growth potential in audio books
- Media coverage usually positive
- Discounting - the price squeeze on booksellers
- Boy wizard fuels discounting fever
- Discounting - restricting choice?
- Supply-side pressures also a factor
- Publishers hold the reins
- Resisting the pull of low prices
- Advantages of independence
- Independents can offer something special
- Moving promotion away from price
- Retailer prospects
- Multiples stuck in a price war
- Mixed fate for independent bookshops
- Internal Market Environment
- Key points:
- Book reading and purchasing
- Figure 1: Book reading and purchasing behaviour, 2002-06
- Who reads and shops for books?
- Figure 2: Demographic analysis of consumers who read a book, bought a book, and visited a bookshop in the past 3 months, 2006
- Book pricing
- Figure 3: Average book prices*, hardback and paperback, March 2003-March 2007
- Online book buying
- Figure 4: Most popular products actually purchased online in the past three months, November 2002-February 2007
- New technology
- Google presents ‘all the world’s information’
- Microsoft takes the moral high ground
- ‘Search Inside’ with Amazon
- Publishers rush to digitise their catalogues
- E-books and reading devices
- ‘iPod for books’ required
- Audio books may turn into e-books
- Print on demand
- Use of public libraries
- Figure 5: UK public library stocks, issues, borrowers and visits, 2000/01-2005/06
- Figure 6: UK public libraries: books, borrowers and visits, index, 2000/01-2005/06
- Reading groups and clubs
- Inspiring new readers
- New releases and book awards
- Awards act as a guide to quality
- Influence of the media
- The ‘Richard & Judy’ effect
- Books as a social oil
- Broader Market Environment
- Key points:
- Economic factors broadly favourable
- Figure 7: Consumer expenditure and PDI, at current and constant 2002 prices, 2002-12
- Interest rate rises aim to curb spending
- Growth in female employment could benefit book sales
- Figure 8: UK employment and unemployment, 2002-12
- More travel provides more reading opportunities
- Figure 9: Domestic public transport usage, by mode of transport, 1995/96-2005/06
- Figure 10: International travel, by mode of transport, 1991-2005
- The rise and rise of the ABC1s
- Figure 11: UK adult population, by socio-economic group, 2002-12
- The mature reader is key to the market
- Figure 12: Structure of the UK population, by age, 2002-12
- Growth in Higher Education promotes reading
- Figure 13: Students in Higher Education, by level of study, 2001/02-2005/06
- Market in Context
- Key points:
- Retail sales data
- Sales through bookshops down in current terms
- Figure 14: All retail sales and sales through specialists in books, newspapers and periodicals, at current and constant 2000 prices, 2000-06
- Bookshops take a declining share of retail sales
- Figure 15: Sales of books, newspapers & periodicals as percentage of all retail sales, at current prices, 2000-06
- No Harry Potter magic for booksellers
- Consumer spending data
- Figure 16: Consumer expenditure on books, at current and constant 2002 prices, 2002-06
- Spending on books compared to other recreational spending
- Figure 17: Consumer expenditure* on recreation and culture (£ million inc. VAT), at current prices, 2002-06
- Figure 18: Consumer expenditure on books, newspapers and periodicals, recording media, and games, toys and hobbies, index at current prices, 2002-06
- Strengths and Weaknesses in the Market
- Strengths
- Weaknesses
- Market Size and Forecast
- Key points:
- Sales grow but margins tighten
- Figure 19: UK printed book sales and forecast, at current and constant 2007 prices, 2002-2012
- Audiobook sales low but building
- Figure 20: UK sales of audiobooks and forecast, by value, 2002-2012
- Factors used in the forecasts
- Seasonal trends
- Future prospects
- More channels for book sales
- Online bookselling will develop further
- New formats and devices
- Economic and demographic prospects remain good
- Where They Buy Books
- Key findings
- Outlets used for buying books
- WH Smith and Waterstone’s vie for top spot
- Figure 21: Outlets used for buying books, April 2007
- Book buying - trend data
- WH Smith and Woolworths losing out
- Tesco grows books penetration
- Second-hand channels show highest growth
- Online outlets becoming more popular
- Figure 22: Trends in outlets used for buying books, March 2005 and April 2007
- Who are the book buyers?
- Older and AB book buyers prefer specialists
- Figure 23: Outlets used for buying books in the last 12 months, by gender, age and socio-economic group, April 2007
- Waterstone’s and Ottakar’s share similar customer profile
- Prosperous urbanites prefer Borders
- ABC1 third agers are keen Amazon shoppers
- Supermarkets also win some
- Figure 24: Outlets used for buying books in the last 12 months, by ABC1 third age and ABC1 retired Special Groups, April 2007
- Supermarket success damaging Woolworths
- Time-pressed family shoppers like supermarkets
- Sainsbury’s book buyers more akin to those of specialists
- Asda converts food shoppers to book buyers
- Figure 25: Proportion of shoppers that bought books at their regular supermarket in the last 12 months, March 2005 and April 2007
- Figure 26: Outlets used for buying books in the last 12 months, by gender, age and socio-economic group, April 2007
- Second-hand sources popular among ABC1s and over-55s
- Amazon outshines other home shopping channels
- Figure 27: Outlets used for buying books in the last 12 months, by gender, age and socio-economic group, April 2007
- Where do younger readers go for books?
- Figure 28: Outlets used for buying books in the last 12 months, by ABC1 pre-/no family and ABC1 family Special Groups, April 2007
- Number of different retailers used for book buying
- Figure 29: Repertoire of stores used to buy books, April 2007
- Where They Buy Books - Detailed Consumer Demographics
- Figure 30: Outlets used for buying books in the last 12 months, by lifestage, presence of children, Mintel’s Special Groups, working status, region, ACORN categories, media usage, commercial TV viewing and supermarket used, April 2007
- Figure 31: Outlets used for buying books in the last 12 months, by lifestage, presence of children, Mintel’s Special Groups, working status, region, ACORN categories, media usage, commercial TV viewing and supermarket used, April 2007
- Figure 32: Outlets used for buying books in the last 12 months, by lifestage, presence of children, Mintel’s Special Groups, working status, region, ACORN categories, media usage, commercial TV viewing and supermarket used, April 2007
- Channels of Distribution
- Key points
- Specialists dominate the book market
- Figure 62: UK sales of books by channel, by value, 2005 and 2007
- Specialists
- Suffer little independents
- Grocery multiples
- Home shopping channels
- Other channels
- New entrants
- Outlet numbers
- Figure 63: Outlet numbers, book*, newspaper and stationery retailers, 1999-2005
- Retail Competitor Analysis
- Key points
- Competition for keen readers
- Varying strategies on space and range
- Building the online channel
- Adding family appeal
- High street havens for budget shoppers
- Figure 73: Leading book retailers, comparison of range, audience, outlets and strategic direction
- Margins diluted by discounting
- Figure 74: Leading book retailers, financial performance and market share comparison, 2002 and 2006
- Tesco surpasses other supermarkets
- Waterstone’s in a challenging position
- More space for independents?
- Figure 75: Leading book retailers, evaluation of prospects
- Retailer Profiles
- Waterstone’s
- Background
- Latest strategic initiatives
- Waterstone wants it back
- Acquisition of Ottakar’s
- HMV also a potential bid target
- Financial performance
- Interims 2006/07
- Christmas sales somewhat better
- Preliminary 2007 results
- Figure 76: Waterstone’s, financial performance, 2002-06
- Ottakar’s integration
- Current trading
- Store portfolio
- Ottakar’s acquisition boosts store estate
- Figure 77: Waterstone’s, outlet data, 2002-06
- Formats and fascia
- New ‘Arndale’ format targets families
- Further rationalisation likely?
- Recent major store relocation
- Retail offering
- Greater emphasis on children’s books
- Serious but sociable image
- Lightening up
- Prices coming down
- Pressure to ‘dumb down’?
- Buying autonomy being restored
- Operational issues
- Advertising and marketing
- Targeting loyal customers
- Revamp of customer magazine
- Digital marketing
- Seasonal promotional focus
- E-commerce and home shopping
- Strategic evaluation
- WH Smith plc
- Background
- Divestment and demerger
- Financial performance
- Major structural changes skew the picture
- Figure 78: WH Smith plc, financial performance, 2002-06
- Sales suffer as margins are strengthened
- Dismal Christmas due to High Street slump
- Interim sales down but profits up
- Store portfolio
- Figure 79: WH Smith plc, outlet data, 2002-06
- Distinct formats and sizes
- En route to sales growth?
- Specialist format development
- Use of space is key to High Street progress
- Travel stores rebalanced and refitted
- Retail offering
- Remixing for better margins
- Range authority is a key priority
- Product mix for busy travellers
- Operational issues
- Advertising and marketing
- Discounting to stimulate Christmas spend
- Fewer profit-damaging promotions
- Loyalty card to encourage repeat visits
- E-commerce and home shopping
- Strategic evaluation
- Borders
- Background
- Financial performance
- Figure 80: Borders UK Limited, financial performance, 2002-06
- Store portfolio
- Latest store numbers
- Recent store openings
- Figure 81: Borders UK, outlet data, 2002-06
- Two distinct formats
- New ownership on the cards
- Retail offering
- Ranges tailored to local markets
- Store facilities are paramount
- Stronger focus on children’s ranges
- Operational issues
- Advertising and marketing
- E-commerce and home shopping
- Strategic evaluation
- The Works Retail Ltd
- Background
- Financial performance
- Figure 82: The Works Retail Ltd, financial performance, 2002-06
- Store portfolio
- Figure 83: The Works Retail Ltd, outlet data, 2002-06
- Formats and fascia
- Retail offering
- Interesting stock refreshed often
- Low prices and own brands help maintain value
- Friendly service a priority
- Advertising and marketing
- E-commerce and home shopping
- Strategic evaluation
- Blackwell UK Ltd
- Background
- Financial performance
- Figure 84: Blackwell UK Ltd, financial performance, 2002-06
- Store portfolio
- Figure 85: Blackwell UK Ltd, outlet data, 2002-06
- Academic and specialist outlets
- Recent openings
- New model format
- Retail offering
- Academic range plus local flavour
- Operational issues
- Advertising and marketing
- E-commerce and home shopping
- Strategic evaluation
- John Smith & Son
- Background
- Financial performance
- Figure 86: John Smith & Son Group Limited, financial performance, 2002-06
- Store portfolio
- Two historic brands
- New openings, new format
- Latest store developments
- Figure 87: John Smith & Son, outlet data, 2002-06
- Retail offering
- Operational issues
- Advertising and marketing
- E-commerce and home shopping
- Strategic evaluation
- British Bookshops & Stationers
- Background
- Financial performance
- Figure 88: British Bookshops & Stationers Limited, financial performance, 2002-06
- Store portfolio
- Figure 89: British Bookshops & Stationers Limited, outlet data, 2002-06
- Retail offering
- Operational issues
- E-commerce and home shopping
- Strategic evaluation
- Other specialist multiples
- Specialist independents
- Non-specialists
- Tesco
- Overview
- Retail offering in books
- Online offer much wider
- Rapid expansion in book sales
- Book pricing
- Promotional methods
- Recent developments
- Asda
- Overview
- Retail offering in books
- Recent focus on children’s chart titles
- No online books channel
- Promotion aimed at young book buyers
- Recent developments
- J Sainsbury
- Overview
- Retail offering in books
- Higher sales after more books promotion
- Recent developments
- Other supermarkets
- Department and variety stores
- Other non-specialists
- Online and direct sellers
- Amazon UK
- Background
- Financial performance
- Figure 90: Amazon UK, sales performance, 2002-06
- Retail offering
- Pricing and promotions
- Website facilities for book buyers
- Improved ‘browseability’
- Other technological advances
- Expanding product offer
- Taking a cut of third party sales
- Easy money?
- Operational issues
- Advertising and marketing
- Strategic evaluation
- Other online specialists
- Bookgiant.co.uk (formerly BOL)
- Overview
- Retail offering
- Recent developments
- AbeBooks.co.uk
- Overview
- Retail offering
- Recent developments
- Audible.co.uk
- Overview
- Retail offering
- Recent developments
- Bookdepository.co.uk
- Retail offering
- Recent developments
- Other online sellers
- Direct sellers
- BCA Limited (formerly Book Club Associates)
- Overview
- Retail offering
- Recent developments
- The Book People
- Overview
- Retail offering
- Other direct sellers
- Retail Advertising and Promotion
- Advertising spending by bookshops
- Figure 91: Main media advertising expenditure by bookshops, ranked by top ten spend, 2002-06
- Press advertising dominates
- Figure 92: Main monitored retail advertising spending on books, by media category, 2006
- Major retail advertising campaigns
- Stacks of Xmas offers from WH Smith
- Animated alliteration for Waterstone’s
- Borders takes softly softly approach
- Amazon sets the pricing pace
- Price pressure prevails in 2007
- Independents get in on the act
- Major launches provoke activity
- Generic advertising benefits all
- Sponsorship increasingly popular
- In-store promotion remains important
- Other means of promotion
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