Best Buy is closing 50 stores because it is losing money. Remember this is after they lost their major competitor, Circuit City.
As Matthew Yglesias of Slate puts it: "First we saw the death of secondary firms, and now we're seeing the shrinkage of even market leaders."
I tried making that point -- that the demise of the secondary firms -- Borders, Linens and Things, Circuit City -- was a sign of not of the strength of the leaders, as many seemed to interpret it, but a sign of the weakness of the business model. That big box stores depended on an expanding economy because they are essentially ponzi schemes.
Anyway, after thinking about it for awhile, I've decided to mention that there has been a persistent rumor that the local Barnes and Noble is going to close. Now, right away, I'm saying this is RUMOR, and only that. But I've heard it so many times, that I thought I'd mention it. What I'm saying is, I'm saying as a fact that there is a rumor, but not that the rumor is a fact.
First of all, I don't believe it. Really. And especially that is would be likely to close a few months before Christmas. But overall, it just doesn't seem likely.
Secondly, I don't think this would be good for us. Especially for our used bookstore, The Bookmark, which depends on a steady supply of books coming in the door. And my downtown store, Pegasus Books, really doesn't compete with Barnes and Noble (what a quaint notion). Our business is selling to people who drop in while shopping downtown.
But it also wouldn't totally surprise me.
4 hours ago