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Unless you've been hiding in St. Joe Cave or on a very long sabbatical at Gethsemani, chances are you have heard something about the release of the final book in the seven-part Harry Potter series. Despite the criticism by conservative Christians that the books were satanic or would lead children into the occult, the book series has a huge worldwide following. Until I read portions of the first Potter book, I too had concerns. The books are no more satanic that any other fantasy fiction series, including those by J.R.R. Tolkien.  But the topic of this blog entry is about retail, and one of the biggest retail opportunities comes Friday night at midnight, when the new Potter book, "Harry Potter and the Deathly Hallows" goes on sale. At least three Bardstown businesses are having Potter book release-related events Friday night. Whispering Wheels is having a "Skate with Harry Potter" skating event from 7-11 p.m., with a Potter costume contest. The cost is $6, with accompanying adults free. The Java Joint will be open from 10 p.m. to midnight as "The Three Broomsticks Tavern," a pub in the Potter book series. The Java Joint is directly across the street from our locally owned bookstore, Bardstown Booksellers. The bookstore is marking the occasion with a release party from 10-12:30 a.m. They are encouraging patrons to dress as their favorite Potter character, and they are offering treats and games. As an added plus, the bookstore is offering a 20 percent discount to those who purchase a book voucher prior to the book's release. That sounds like a very good deal, and I was encouraged to see the local participation in a national -- no, international event. But on closer inspection, I found the discout was not competitive at all. On my call to the store, I found that yes, the 20 percent discount applied to pre-release purchases. The catch? The discount applies to the list price of the book -- $34.99. This makes the discounted price $28. Not a bad discount, right? Wrong. In fact, the discount isn't competitive with any retailer I've found that's carrying the book. Here's the real-world, on-the-street pricing I've discovered:
I realize that these retailers have massive buying power, and can afford loss leaders -- items that sell for little or no profit in order to get people into their stores. The small bookstores can't afford to do that. But in a competitive market -- and with Wal-Mart close by on East John Rowan and Borders and Barnes & Noble only short drive away -- I would have hoped the local store pricing was more competitive. In fact, the pricing was what prompted my call to the store. I liked the 20 percent discount, but I wanted to know the price that was being discounted. If you give consumers a choice between a 20 percent discount and a 50 percent discount, it doesn't take a wizard to guess which one wins in a competitive market. We're fortunate to have a family owned bookstore here in downtown Bardstown, and I'm not throwing rocks at the Parrish famly or their dedication and hard work they've put into making their business a success. My daughter -- who is paying for the book with her own money -- suggested that the promotion might have offered a steeper discount -- comparable to the big retailers -- for the first 100 buyers to help build traffic from first-time visitors. Ten bucks is a lot of money to a 14-year-old, and she's planning on a trip to Wal-Mart this weekend for her copy. I realize that perhaps smaller retailers can't compete on prices with the big retail giants. The unfortunate truth is that for many shoppers, the price point is the difference between shopping locally or going elsewhere. Here's hoping the Potter book events are well attended. Perhaps there'll be enough retail magic to make every one of them a success. |
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