A fun thing happened here in the cornfield. Barnes and Noble came to town and sucked the life out of Morganstern's, an independent book joint. Then Borders. Both of those are now gone. Smack in the middle of covid lockdown, Morganstern's returned. After a twenty plus year absence, no less!
my favourite place in all the world - second hand bookstores. I read a lot of paperbacks that I buy used, then donate most of them to Little Free Library bookboxes to spread the joy. The rest go to my beautiful book collection that illuminates my shelves and my life. Thank you to all of you booksellers out there.
I've been a bookseller for over 50 years. Everything in your video is correct and insightful. Profit margin for most used books is usually 100% depending upon the rarity of the book. Many of the stores I worked at provided boxes of free books in front of the store which consisted of books donated to us, but are unsellable for a variety of reasons. The only thing I would have added to your video is coverage on how to actually sell a book to someone: the questions you ask to drill down into a specific recommendation.
The stores I worked at the basic formula was pay 10 per cent of cover price cash or 20 per cent of cover in credit, while charging 50 per cent of cover. That’s for paperback fiction - the bread and butter of the trade. So the profit margin for a book that sells is 250-500 per cent. However, the big question is whether or when a given book will sell. That’s where knowing your inventory and the market comes in.
There’s a used bookstore in my area that I used to have to travel 45 minutes to and now is in the same area I work in. I love the store so much! I think one reason they’ve had good business (especially on weekends) is because they sell so many other things like old movies, video games, technology, etc.
I love independent used book stores. I used to go to Savers/Value Village but they have changed their pricing scheme, now 2.99 to 7.99 on donated [completely free to them] books! I would rather support my local shop now.
The owner sounds very knowledgeable, experienced, and generous. I often shop at used boostores. However, at some I find the staff are not knowledgeable about pricing. The books are priced so high they may sit there for months or even longer. No one wants to shop where you don't have turnover.
I work in a library that takes donated books, DVD's and CD's, and sells them in a "store" at the back of the library. We take only books in good condition, without writing or any damage or yellowed pages. In fact, many are pristine. Vendors like Francisco come to buy books from us, plus the public who frequent the library. We make about $25,000/year, which goes to the library for special programs. Of course we have no overhead--we have 30 volunteers sorting books and one person who runs the operation.
I was a little surprised to hear that sci-fi and fantasy are two of the biggest selling genres as I'd always assumed that they were more of a niche market. I do know that the adaptations of "Lord of the Rings," "Game of Thrones," and "The Expanse" had brought a lot of new talented writers in, but I didn't realize that the fan base had grown that much. I guess that BookTube and BookTok are having a bigger impact than I thought. All in all, it's really interesting to hear.
For reading over the summer I used to get coupons from Half Price with logo of bookworm on them from my library, and my dad would take me to Half Price to exchange those coupons for books and the whole experience was exhilarating. Does anyone have that experience? And would it be fantastic if bookstores offer opportunities for swapping books? A swapping party. It would be better than throwing away books. I can come in with a book and there would be many books I can choose from to come home with me.
I worked at HFB four several years in the 90s. I remember the bookworm program. Sadly the ones close to me closed due to high rent. They are all in the suburbs now in my city.
I always "buy" my books in a bookcycle and return the ones I don't need. Particularly reference books and text books. Fyi....if studying English literature.....always look for seconds as these generally have notes scribbled in the margins from previous students. I prefer books, cassettes,dvds,cd as I no longer have the patience to sit through adverts.
It would be a dream come true to do what he does. Alas, my skills are in other areas this life time. I lack any and all business acumen. Thank you for this episode. Much like what the copy of gravity’s rainbow did for the kid, this episode did for me. It calmed me and eased my soul. The power of books.
People have books they have never read. I have read a ton if books that I bought from used book stores. I like looking at a physical book before I buy it.
@leoflowers force of habit I guess. The Book industry is maybe the largest of Latin America and it has been like this for decades. Since we still prefer phisycal copies over ebooks the secondary market is always big. Besides a used book will always be cheaper than a new one. Low income and working class readers create the demand.
Not an easy business- but may work in NYC where there are many hipsters...in Korea most used book stores are very remote or cheap rent area. They make money by selling to collectors or folks in the entertainment industry who are doing research or need props. God bless us all :D
There are plenty of successful used bookstores in rural areas. Many of them are 30-40 years old. It requires an inquiring mind and a willingness to embrace technology.
Well, I've never been called a hipster before. I'm not in the age range - boomer is the slur of choice - and truely don't understand the Korea reference. I guess I'll just assume you're having a bad day. I hope your day gets better.
Romance is the biggest-selling genre of fiction - in both the new and used book trade. Not only are there lots of romance readers out there, they tend to read a lot - I’d have regular customers come in and buy 3-4 romance novels a week.
The book has already been sold and the authors got their money already. And now it is yours and you can do with it whatever you want. You don't pay a fee to the car factory every time the same car gets sold. You don't pay a fee to the farmer every time the same potatoes get sold. etc.....
Buying a book new supports authors… instead of supporting authors, shopping at used bookstores is making a statement that they rather support business people trading in used goods. This is fine until authors no longer have incentive to write books.
@@elpa6206 The authors did not necessarily get their money, depending on the contract. Years ago, I ventured into educational children's books with a small publisher. There was no royalty payment on the first few thousand sold. Then they discontinued the books. In the meantime, what sold at $7 is now selling used over $30, because they're rare. The only one profiting is the used book seller. It's water under the bridge for me, but it gave me insight into the book business. Few authors get rich. If they're lucky, it's 10% of the retail price on new books sold.
I used to think about the writers not receiving any payment when I bought a used book, but then I realized they are getting paid. Used books reach many new readers, the authors receive more exposure, and many of these readers will discover new writers, and many of them will buy the author's new books.
We had a used bookstore in our smal town. It remained open because the owner had a real day job. The bread and butter were louis lamour and harlequin romance. Just behind were the Micheal criten. Stephen King and other pop culture icons. Comic books. The real stuff was kept upstairs. Where nobody went.
I doubt it. I bought it when I was a teenager, shortly after it was published. I remember an intense feeling like my mind was expanding whilst reading it, a feeling I didn’t have again to the same extent until I read Foucault’s Pendulum more than 10 years later. I suspect I will not have the same feelings now, but a revisit should be interesting. 😀
Im about 3/4ths of the way through GR right now and I will say that your mind wil still be stretched to its limits. There's nothing like it. @donalodonoghue7554
There's an old expression in the trade - "How do you make a million dollars in used books? "Start with 2 million" Most used booksellers are neither rich nor do they want to be. They do it out of love - for books, the comradery of like-minded people, the constant learning. There is something about books - it's like a drug. I know people whose vision deteriorated to the point of making reading a chore, who still buy books and search the library book sales and thrift stores for desirable books to put on their shelves. Andrew Lang, the author of the Blue Fairy Book and all the other colors, was a massive book collector. One year, he swore off books and sold his collection at Sotheby's. Within a few years, he had as many books as before. Again, he called Sotheby's, and again, he swore off books. He died with more books than either auction had sold. Book collecting doesn't have to be expensive. And booksellers are not typically rich, though the opposite can be true. We're just a slice of the population who value books more than the average person. And we work hard at perfecting our craft.
You're not wrong. I'm not sure how prevalent it actually is, but I've known of book stores where the owner also owned the building and rented out apartments upstairs.
A fun thing happened here in the cornfield. Barnes and Noble came to town and sucked the life out of Morganstern's, an independent book joint. Then Borders. Both of those are now gone. Smack in the middle of covid lockdown, Morganstern's returned. After a twenty plus year absence, no less!
Bravo!
Rhoda Morgenstern?
my favourite place in all the world - second hand bookstores. I read a lot of paperbacks that I buy used, then donate most of them to Little Free Library bookboxes to spread the joy. The rest go to my beautiful book collection that illuminates my shelves and my life. Thank you to all of you booksellers out there.
I've been a bookseller for over 50 years. Everything in your video is correct and insightful. Profit margin for most used books is usually 100% depending upon the rarity of the book. Many of the stores I worked at provided boxes of free books in front of the store which consisted of books donated to us, but are unsellable for a variety of reasons. The only thing I would have added to your video is coverage on how to actually sell a book to someone: the questions you ask to drill down into a specific recommendation.
I'm curious, what are some questions that you often ask?
The stores I worked at the basic formula was pay 10 per cent of cover price cash or 20 per cent of cover in credit, while charging 50 per cent of cover. That’s for paperback fiction - the bread and butter of the trade. So the profit margin for a book that sells is 250-500 per cent. However, the big question is whether or when a given book will sell. That’s where knowing your inventory and the market comes in.
May I ask, why have so many used book stores stopped paying cash for books after Covid?
There’s a used bookstore in my area that I used to have to travel 45 minutes to and now is in the same area I work in. I love the store so much! I think one reason they’ve had good business (especially on weekends) is because they sell so many other things like old movies, video games, technology, etc.
Fantastic topic….very illuminating
Big thanks for this wonderful video. Please make some more. ❤😂🎉😂❤🎉
I’ve heard bookstores are making a comeback. ❤
Don't count on it. Online maybe.
@@victorwadsworth821 Bookstores are making a comeback.
@@RotneybotOfficial Without books.
I love independent used book stores. I used to go to Savers/Value Village but they have changed their pricing scheme, now 2.99 to 7.99 on donated [completely free to them] books! I would rather support my local shop now.
Value village is owned by private equity
What a great podcast 🎉
Amazon doesn't rule, I frequently get books in the $3 to $4 range w free delivery on ebay, so....
The owner sounds very knowledgeable, experienced, and generous. I often shop at used boostores. However, at some I find the staff are not knowledgeable about pricing. The books are priced so high they may sit there for months or even longer. No one wants to shop where you don't have turnover.
Beautiful!
I work in a library that takes donated books, DVD's and CD's, and sells them in a "store" at the back of the library. We take only books in good condition, without writing or any damage or yellowed pages. In fact, many are pristine. Vendors like Francisco come to buy books from us, plus the public who frequent the library. We make about $25,000/year, which goes to the library for special programs. Of course we have no overhead--we have 30 volunteers sorting books and one person who runs the operation.
Thanks so much for you for this data! So informative!
I was a little surprised to hear that sci-fi and fantasy are two of the biggest selling genres as I'd always assumed that they were more of a niche market. I do know that the adaptations of "Lord of the Rings," "Game of Thrones," and "The Expanse" had brought a lot of new talented writers in, but I didn't realize that the fan base had grown that much. I guess that BookTube and BookTok are having a bigger impact than I thought. All in all, it's really interesting to hear.
How about an episode on secondhand/resale/vintage clothing?
There are websites selling used panties. They seem a little odd to me.
For reading over the summer I used to get coupons from Half Price with logo of bookworm on them from my library, and my dad would take me to Half Price to exchange those coupons for books and the whole experience was exhilarating. Does anyone have that experience? And would it be fantastic if bookstores offer opportunities for swapping books? A swapping party. It would be better than throwing away books. I can come in with a book and there would be many books I can choose from to come home with me.
I worked at HFB four several years in the 90s. I remember the bookworm program. Sadly the ones close to me closed due to high rent. They are all in the suburbs now in my city.
Rerun's Books, 1990 to 1995, Mike Lopez & Victor Wadsworth, East Fort Worth, Texas. Still selling online today.
I always "buy" my books in a bookcycle and return the ones I don't need.
Particularly reference books and text books.
Fyi....if studying English literature.....always look for seconds as these generally have notes scribbled in the margins from previous students.
I prefer books, cassettes,dvds,cd as I no longer have the patience to sit through adverts.
It would be a dream come true to do what he does. Alas, my skills are in other areas this life time. I lack any and all business acumen. Thank you for this episode. Much like what the copy of gravity’s rainbow did for the kid, this episode did for me. It calmed me and eased my soul. The power of books.
People have books they have never read. I have read a ton if books that I bought from used book stores. I like looking at a physical book before I buy it.
You should come to Buenos Aires, is the city with more libraries per capita in the World. The used books market is huge!
Why is the used book market so big in Buenos Aires? Why so many libraries?
@leoflowers force of habit I guess. The Book industry is maybe the largest of Latin America and it has been like this for decades. Since we still prefer phisycal copies over ebooks the secondary market is always big. Besides a used book will always be cheaper than a new one. Low income and working class readers create the demand.
Def have been to a few far to few. Will def check out more in the area of I.
Most used bookstores that I frequent also trade lollies and chocolate sweets.
If I really wanted human connection I wouldn't spend so much time reading books.
Not an easy business- but may work in NYC where there are many hipsters...in Korea most used book stores are very remote or cheap rent area. They make money by selling to collectors or folks in the entertainment industry who are doing research or need props. God bless us all :D
There are plenty of successful used bookstores in rural areas. Many of them are 30-40 years old. It requires an inquiring mind and a willingness to embrace technology.
@@mbathrick thank you for your comment. So it is similar to Korea sort of.
No need to degrade people who value used books by implying they are “hipsters”.
Well, I've never been called a hipster before. I'm not in the age range - boomer is the slur of choice - and truely don't understand the Korea reference. I guess I'll just assume you're having a bad day. I hope your day gets better.
@@Shmyrk I should probably not use the word hipster. I love books too. I have just seen too many people who use books for decoration in LA and NYC...
Was surprised dude didn't say romance as one of the fast moving genres. Would have thought those would be pretty popular
Romance is the biggest-selling genre of fiction - in both the new and used book trade. Not only are there lots of romance readers out there, they tend to read a lot - I’d have regular customers come in and buy 3-4 romance novels a week.
I sell a lot of used books to stores in Seattle. Their tastes are more esoteric, so I don't have much luck selling romance novels to them.
I’m a photographer and look for photography books. There are very few of these books in used book stores.
Mask On Nurse Marty (Ret)
I have 2 stacks of just photography books on a shelf in mine...
We have two in my small town. I like it!❤ they've been open for years.
What is missing in all this is the economics for all the authors who wrote those books.
Exactly.
The book has already been sold and the authors got their money already. And now it is yours and you can do with it whatever you want. You don't pay a fee to the car factory every time the same car gets sold. You don't pay a fee to the farmer every time the same potatoes get sold. etc.....
Buying a book new supports authors… instead of supporting authors, shopping at used bookstores is making a statement that they rather support business people trading in used goods. This is fine until authors no longer have incentive to write books.
@@elpa6206 The authors did not necessarily get their money, depending on the contract. Years ago, I ventured into educational children's books with a small publisher. There was no royalty payment on the first few thousand sold. Then they discontinued the books. In the meantime, what sold at $7 is now selling used over $30, because they're rare. The only one profiting is the used book seller. It's water under the bridge for me, but it gave me insight into the book business. Few authors get rich. If they're lucky, it's 10% of the retail price on new books sold.
I used to think about the writers not receiving any payment when I bought a used book, but then I realized they are getting paid. Used books reach many new readers, the authors receive more exposure, and many of these readers will discover new writers, and many of them will buy the author's new books.
Don't see a lot of used bookstores changing hands. Probably too big.
We had a used bookstore in our smal town. It remained open because the owner had a real day job.
The bread and butter were louis lamour and harlequin romance.
Just behind were the Micheal criten. Stephen King and other pop culture icons. Comic books.
The real stuff was kept upstairs. Where nobody went.
Used Book stores.
Used Bookstores......are shops.
I am so curious as to what your point is.
Do you mean "used book stores"...
Thank you for the flashback to Gravity’s Rainbow. I must dig it out of storage 😂.
And sell it?
And sell it?
I doubt it. I bought it when I was a teenager, shortly after it was published. I remember an intense feeling like my mind was expanding whilst reading it, a feeling I didn’t have again to the same extent until I read Foucault’s Pendulum more than 10 years later. I suspect I will not have the same feelings now, but a revisit should be interesting. 😀
Im about 3/4ths of the way through GR right now and I will say that your mind wil still be stretched to its limits. There's nothing like it. @donalodonoghue7554
I just assumed most used bookstores are owned by rich people with a fetish for keeping a used bookstore open
There's an old expression in the trade - "How do you make a million dollars in used books? "Start with 2 million"
Most used booksellers are neither rich nor do they want to be. They do it out of love - for books, the comradery of like-minded people, the constant learning.
There is something about books - it's like a drug. I know people whose vision deteriorated to the point of making reading a chore, who still buy books and search the library book sales and thrift stores for desirable books to put on their shelves. Andrew Lang, the author of the Blue Fairy Book and all the other colors, was a massive book collector. One year, he swore off books and sold his collection at Sotheby's. Within a few years, he had as many books as before. Again, he called Sotheby's, and again, he swore off books. He died with more books than either auction had sold.
Book collecting doesn't have to be expensive. And booksellers are not typically rich, though the opposite can be true. We're just a slice of the population who value books more than the average person. And we work hard at perfecting our craft.
You're not wrong. I'm not sure how prevalent it actually is, but I've known of book stores where the owner also owned the building and rented out apartments upstairs.
Retirement goals ftw
Thats how I'd do it!
Rather poor people with a fetish for keeping a used bookstore open
Is a used bookstore or a used books bookstore?
Pedant is pedantic.
Would be great if it also sold drugs tho.
ongggg.
God damned clickbait! What happened to the dumpster diving tips you promised?
Well he said he librarys and schools often throw out large amounts of books. That's the tip.
@@johnsilva9139 - Twenty minutes for that?
@@christopherd.winnan8701 It came pretty early, nobody stopped you from clicking away then.
I'm so confused....
Don't dumpster dive. That is my advice
Both these guys pronounce the T in _often._ Don’t *ever* do that, ever.