As the world turns more digital, book selling franchise Barnes & Noble plans to continue to shrink its store base with plans to shut down up to a third of its locations over the next decade, according to the L.A. Times.
The book retailer's plan is to shrink their current 689 physical stores to somewhere between 450 to 500 stores in the next 10 years, according to Mitchell Klipper, chief executive of Barnes & Noble's retail group. The company expects to close 20 stores per year on average.
"You have to adjust your overhead, and get smart with smart systems," he said. "Is it what it used to be when you were opening 80 stores a year and dropping stores everywhere? Probably not. It's different. But every business evolves."
According to spokeswoman Mary Ellen Keating, the company's store reductions are historically consistent with analysts expectations and projections, the Times reported.
"Of that number, some of the stores are unprofitable while others are relocations to better properties," Keating said of the closures.
Keating added that the chain has opened two prototype stores and plans to test others this year. The New York company began selling its Nook e-readers in 2009 and also has a separate division with 674 college locations.
Rival bookseller Borders Group Inc. began liquidating all its stores nationwide in 2011, crushed by massive debt and changes in the industry.
The company is the largest traditional U.S. bookstore but has been faced with tough competition from online retailers and discounters that sell books and have been focusing on its Nook tablet, e-book reader and e-book business growth.
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