Embracing the Fine Print, Local Bookstore Beats the Odds
[image error]We’re starting a new weekly tradition at Farnoosh.TV and paying a little homage to the country’s economic backbone – our 23 million small business owners. Guest writer Dustin Newcombe will be sharing inspiring stories with us and we hope that you’ll send us your feedback and nominate some favorite small businesses that you’d like to see featured here. This Friday, we kick things off with a neighborhood bookstore that’s proving resilient in an ever-changing market.
Years ago this shop’s name would have been seen as a sad nod to the shrinking market of mom and pop bookstores, a mere scene out of You’ve Got Mail. The Last Bookstore opened in 2005 at a time when competition from Borders, Barnes & Noble, Costco and Amazon.com was too great for most independent retailers to bear.
But when owner Joshua Spencer built his store, he had simple intentions seemingly unmatched by his big-box rivals, intentions that would ultimately prove triumphant. He explains, his store was and is a labor of love. And in today’s fast-paced retail world, attention to fine details and your customers’ needs is proving to be the secret ingredient many shoppers forgot they craved but are now ready to once again embrace. It’s a fact that the mega bookstore is losing its appeal. Borders filed for bankruptcy in 2011 and fewer shoppers are ringing up sales at B&N.
A little too ironic…don’t you think?
“The bookstore is not dead, it is evolving,” says Spencer. “The customer’s mindset has shifted.” And so has traffic at The Last Bookstore. In eight years, it’s managed to grow out of its small loft space into a 10,000 square foot store to accommodate growing demand from a loyal base of customers, everyone from “the hipsters to the homeless, young and old.” It is one of the few bookstores in Los Angeles that continues to buy used books.
[image error]It’s easy to get lost in The Last Bookstore’s two levels of books and vinyl. The first level contains a selective inventory of new and used books ranging from a four-volume box set of Charles Darwin’s On the Origin of Species ($80) to a like-new hard copy of John Grisham’s Skipping Christmas ($5). The store recently opened up the Labyrinth Above the Last Bookstore on the mezzanine level, with over 100,000 books all priced at one dollar each. It also lures in passersby with a record shop and coffee bar.
The bookstore also boasts a calendar of events as varied as its book selection. Monday night’s Speakeasy Open Mic has an anything goes attitude, so long as anything can be accomplished in three minutes. The rest of the week plays host to launches, parties talks, performances, and readings that run the gamut of topics. “Our books are about everything, and so are our events,” says Spencer.
Along the way Spencer has worked hard to build the store’s online business, which admittedly, has helped feed the success and growth of the physical store. Timing and patience has also come in to play. Spencer managed to receive a bank loan in 2007, just before the economy crashed, for the purpose of relocating his store to a bigger space. With that loan he was able to take advantage of a glut of inventory and lower rent deals. He finally decided to take over a historic building in the budding arts district of downtown Los Angeles, ideal for foot traffic.
As for the future, Josh wants to continue to refine his inventory and keep the focus on books. He also hopes to host more events and attract bigger names and national acts. Despite these large ambitions, Josh’s formula for success remains simple: “Create an experience that delights your customer.” And they will come.
