Book stores are here to stay

And why I dislike Crossword

Perhaps this is more of a wish than a trend, but spending a few in months in London has reminded me how much I love bookstores. Whether it's Daunt, Waterstones or smaller boutique shops, people are still reading, or at least pretending to, which is probably enough to keep bookstores in business.

Maybe it's not just about the books anymore; it's about flaunting a tote bag, taking the perfect Instagram story, or just basking in the atmosphere. Whatever the case, London seems to read.

Yes, I can barely draw.

And the numbers seem to show that too. Waterstones, the UK’s largest bookseller, has been on a remarkable financial upswing. In the fiscal year ending 2024, the company’s pre-tax profits skyrocketed to £42.9 million. Revenues also surged, climbing 16.7% to reach £528.3 million. (Source Retail Gazette)

But Waterstones isn’t just a bookseller—it’s a growing empire. It now owns Foyles, the iconic London bookstore chain, and Blackwell’s, the UK’s largest academic bookseller. Its parent company, Elliott Advisors, also owns Barnes & Noble, which it acquired in 2019, further strengthening its hold in the US market.

Ownership, in fact, has been something of a revolving door for Waterstones. The chain was once owned by HMV, then by Russian billionaire Alexander Mamut’s Lynwood Investments, before Elliott Advisors took over in 2018. And currently, there might be some talks around an IPO.

For a while now, James Daunt, the man behind Daunt Books, has overseen both Waterstones and Barnes & Noble. He has talked about creating unique, community-focused bookstores that break away from the uniformity of traditional chain stores. The goal he says is to make each store feel like a local, independent bookstore by decentralizing operations and giving staff more control over stock, layouts, and pricing.

I love this approach!

In fact, one of the problems I have with Crosswords in India is that they have no character of their own. It's just another chain. When I go to a food chain, I look for comfort, and hence, I suppose I am a happy McDonald's customer. On the flip side, when I enter a bookstore, I don't want comfort. I want magic. I want to feel like I've stepped into something special, not a uniform, corporate space.

In India, the economics might be trickier, but I often think about this tiny bookstall in Bandra, close to Veronica’s.

Or this one in Bangalore, and I’m hopeful.

Perhaps I’m very biased, but I do believe there is a unique charm to entering a bookstore—aimlessly walking through its shelves, discovering titles you never knew existed, and realizing that this life might not be enough to read even a tenth of what’s on display.

In an era where digital convenience reigns, and everything is just a click away, our hearts will yearn more for real experiences. Think enchanting theatres, cozy cafés, or bookstores that still carry a sense of soul—places that don’t feel too corporate. And even if the numbers don’t always add up, I’m certain there are enough dreamers, those who've found their fortune, who will approach this not with an eye for profit, but with a passion for something beautiful.

Apologies to those of you who signed up for investment-focused content. I’ll be back on that front in the next few articles, but for now, consider this my love letter to bookstores. Also if you are looking for some book recommendations, consider checking this out.