Book World Inc. announced that it will be closing down all 45 store locations in January.
The company attributed its declining revenue on the popularity of electronic book reading devices such as Kindle, Nook, and Tablets as well as the inability to keep up with online shopping prices.
Book World said on their website, “With great sadness, we must tell you, …that our business can no longer go on. Having worked so very hard for more than 40 years, you can well understand how devastating this is for us and everyone involved with Book World. We tried to keep Book World afloat, and to be successful, but that was not meant to be. After over 40 years since the opening of our first book store all Book World stores will be closing their doors sometime in early 2018.”
They are currently running a liquidation sale until all of the inventory is sold with prices marked down 20-40 percent on most inventory.
Alyssa Abel, the store manager at the Stevens Point Book World said, “I wasn’t really expecting this since our store actually does really well.”
Abel explained that the other locations weren’t doing well because most of them are in malls and mall shopping has been hitting an all-time low.
In an article published by Business insider in 2016 titled “American Malls Are Dying Faster Than You Think” ,research found that from 2010-2013 mall visits had dropped 50 percent and have been declining steadily across the nation due to the rise of online shopping.
But it’s not just online shopping, they also found that today’s generations are increasingly spending more on experiences rather than materialistic goods. Things like vacations and trips which cost more and leave less money for shopping.
With less money to shop, they become choosier of where they spend their money and how much they spend. Shoppers spend less by simply purchasing things online cheaper or shopping at thrift stores to find better deals.
“It really was surprising because we do so well with the University here and we truly have a great community here in Point,” Abel said.
Abel doesn’t know where she’s headed next as far as employment, but she hopes that someone will open a book store in place of book world.
Book World Inc. posted on their websites home page, “We sincerely thank all of our great customers. Thank you, to each and every one of you! For over 40 years you’ve supported your local Book World store and in the process, a world of people including publishers, distributors, printers, authors, and many more. We are all forever grateful!”