Waterstone's must change their ways says MD

The Bookseller this morning reported that the Managing Director for Waterstone's, James Daunt, has told publishers that the current way the comapany is selling books is "not sustainable". This statement formed part of his explanation of why the chain stores were to move to a central buying system.

In an email to publishers sent late yesterday afternoon (21st July), Daunt said he regrets being unable to discuss the change individually with publishers. This was because the business is "in urgent need of revitalisation and because of the simple fact of the time of year". Explaining the buying change, he said: "It is a major change in the way that Waterstone's operates, with multiple and complex implications for both you and us. It can only be realised, of course, in agreement with yourselves, both individually and collectively.

"I hope that all of you will recognise that Waterstone's must change the way in which it sells books. As currently done, it is not sustainable."

He went on to say that the chain will work through the details of how it will operate this new central buying framework during over the next 10 days. He added: "We will then want to discuss individually with you how this can be employed to best effect to sell more of your books, more intelligently and with less waste and value destruction."

Interesting times for one of our best-loved chain of bookstores.