US media: high-value bookstores, how many survive

Source: Global Times

The US CNBC website December 29 article, the original title: China's bookstore industry is prosperous, appearance is more important than books For newly opened bookstores, good visual appeal is now a priority. The beautifully designed interior not only gets attention, but also grabs the attention of young Chinese who are looking for new experiences.

A "high-value bookstore" in Xi'an, China. Image source Visual China

Analysts say Chinese consumers today want convenience and freshness, especially after the 90s. They want products that not only meet functional needs, but also address emotional needs—either to show off to their peers, to enjoy themselves, or to help themselves more easily integrate into their surroundings.

In addition to displaying exquisite appearances, many bookstores in China now sell coffee, stationery and gifts. The post-90s Mia Huang's favorite is a (nostalgic) bookstore in a courtyard in Beijing, which displays many old objects: bicycles, house numbers... Another bookstore she likes was remodeled by a church and "a lot of people go to punch in." Many bookstores have become attractions or places to relax, and many people are not buying books.

However, whether people's interest in high-value bookstores means that merchants can really profit from book sales is still difficult to say. The theme of such bookstores usually focuses on art design, and non-book products occupy a lot of space. New bookstores are constantly opening in China. Since 2017, more than 40,000 book-related businesses have registered each year. From January to November this year, 39,000 bookstore companies registered. But at the same time, more than 10,000 bookstores close every year. There are also some (uniquely styled) bookstores that are wildly popular, and many are willing to travel long distances for this. A pioneer bookstore in rural China is said to have earned 1.5 million yuan from January to mid-November.

Opening a bookstore in the digital age is never easy to make a living. The internet celebrity chain Bookstore Yan has recently encountered financial difficulties, triggering discussions online about the future of physical bookstores. This highlights the difficulties of the companies involved, even as they have gained (a lot) of attention on social media. It is also a microcosm of China's fast-growing consumer market.

According to a new report jointly released this month by Bain & Company and others, only 17 of the 46 Chinese consumer brands that emerged in 2018 are still operating well this year. For those unique bookstores, it is necessary to make punch card users come back and spend. (By Evelyn Cheng, translated by Wang Xiaoxiong)