{"id":222562,"date":"2019-07-11T23:06:25","date_gmt":"2019-07-12T03:06:25","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=222562"},"modified":"2019-07-11T23:06:25","modified_gmt":"2019-07-12T03:06:25","slug":"indigo-maintains-global-brand-ambitions-despite-challenging-year-for-bookseller","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2019\/07\/11\/indigo-maintains-global-brand-ambitions-despite-challenging-year-for-bookseller\/","title":{"rendered":"Indigo maintains global brand ambitions despite challenging year for bookseller"},"content":{"rendered":"
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FILE: Indigo Richmond Hill (Photo By Raysonho @ Open Grid Scheduler \/ Grid Engine – Own work, CC0<\/a>)<\/figcaption><\/figure>\n

Indigo Books & Music Inc. maintains its ambition to grow into a global brand despite a challenging year for the bookseller that saw declining traffic at the mall where it opened its first U.S. location.<\/p>\n

\u201cWe remain committed — even more committed — to expanding our brand outside of Canada,\u201d said CEO Heather Reisman at the company’s annual general meeting of shareholders in Toronto on Thursday.<\/p>\n

She outlined a number of negative factors that compounded to create disappointing financial results in the past year.<\/p>\n

Mass retailer competitors’ use of books as a loss leader works to lower book prices and thus profit margins, yet Indigo has not lost market share, she said.<\/p>\n

The year also included a prolonged Canada Post strike, as well as a number of store renovations and relocations. Inevitable delays in construction forced the markdown of products the company had hoped to sell at full price in stores, Reisman said.<\/p>\n

These things combined to reverse positive momentum, she said.<\/p>\n

Reisman noted that Indigo opened its first American location in New Jersey’s Short Hills mall, which she said has a long history as a top mall in North America.<\/p>\n

While customer response has exceeded Indigo’s expectations, Reisman said the deterioration of traffic at the mall has been a bit less satisfying.<\/p>\n

\u201cAs we look to make some changes in Indigo, we are also fully re-evaluating what the ideal real estate strategy should be going forward,\u201d she said.<\/p>\n

The historical thinking has been to look at the top malls for traffic and believe that’s where a company wants to be, she elaborated later in an interview. Now Indigo is questioning that approach trying to determine whether customers go to a mall or a streetscape to hang out.<\/p>\n

\u201cThe mall is not necessarily where we want to be,\u201d she said, but added the Short Hills location is not a mistake and the company is learning a lot from its presence in that market.<\/p>\n

The company will use this year to advance a number of things it’s working on and will probably be on track to open a couple stores next year. Despite its U.S. plans, Reisman anticipates Canada will remain the most significant part of the business for the next three to four years.<\/p>\n

As at March 30, it operated 89 superstores under the banners Chapters and Indigo, and 115 smaller locations under the banners Coles, Indigospirit and The Book Company.<\/p>\n

\u201c100 per cent, we are looking to make this a global brand — not just a Canadian brand,\u201d she said.<\/p>\n

To help achieve that, the company recently hired Nathan Williams as chief creative officer. He’s the co-founder of the magazine \u201cKinfolk,\u201d which Reisman said is known all over the world by Indigo’s customers.<\/p>\n

Indigo also believes it’s very well-positioned to address a larger cultural shift in the world and with its customers. Reisman identified it as a desire for less stuff but products with sustainable value.<\/p>\n

She did not offer specifics, saying the company will announce more in the coming months, but said it will impact the products Indigo designs and sources, among other things.<\/p>\n

\u201cYou’ll see it unfold. It’s gonna take a couple of quarters before you see it , but yes that will have a big influence on what we do.\u201d<\/p>\n

— With files from Ian Bickis<\/p>\n","protected":false},"excerpt":{"rendered":"

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