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Barnes & Noble CEO-vice chairman Stephen Riggio told attendees at the American Magazine Conference that he’d like to expand the magazine sections in his stores. This comes as good news to magazine publishers, who have faced challenges such as falling newsstand sales and flat ad revenue in recent months.
Magazines pull in 10 percent of in-store sales, he said. He also said that one of the keys to the growth of the stores has been offering the widest possible selection on as many topics as possible, writes AdAge.
Riggio pointed out a group of consumers he calls “aspirants.” They purchase books and magazines on a variety of topics and spend more time at the store - perhaps an hour per visit - than regular customers. They buy wide and deep across a variety of different categories.
The Economist is the company’s No. 2 best-selling magazine, he pointed out, which indicates that Barnes & Noble customers are affluent and educated.
Interestingly, Riggio also said that he is seeing a tremendous growth in the sales of teen titles. In recent months, Teen People and Elle Girl have both gone under.
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