Bookstores In Danger Of Extinction
E-readers like the Amazon Kindle and online book sites are quickly stamping out traditional brick-and-mortar bookstores.
Monday, April 26, 2010 17:32 GMTCHICAGO (Wireless Flash - FlashNews) With all of the high-tech reading options available today, traditional brick-and-mortar bookstores may be getting the axe.
According to research by Mintel, book options like the iPad and Kindle along with the success of Amazon.com pose significant threats to traditional book retailers.
Mintels study found that online book websites enjoyed a 7 percent increase in sales from 2007-2009, while traditional bookstores were hit with a 10 percent decrease.
Amazon.com sales increased by $700 million, with 19 percent of readers reporting that they most often make a hardcover book purchase online.
Meanwhile, e-book sales soared, rising from $67 million to $313 million. On top of that, 15 percent of book buyers plan to purchase an e-reader within the next six months.
Experts believe the instant convenience and lower costs of books online and on e-readers have turned customers away from traditional book retailers and the tech trend will only continue.© Copyright 2010 Wireless Flash News Inc