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At The Domino Project, founder Seth Godin writes that what we're seeing today is "the end of the independent bookstore (and a new golden age for books)."
After pointing out the extraordinary influence that the Book of the Month Club had in shaping what America read in the years immediately following World War II, Godin celebrates the way in which bookstores took over and capitalized on its role when the Club began its inevitable decline.
"Here's the magic formula for a successful bookstore industry. Every month, a few new hardcover books are hand-sold, recommended by the local store." (Taking over the role of the BOMC). "A few catch on and become bestsellers. Within its own cultural pocket, each book becomes a must-read, with the only source being the full-price local bookstore. The result? With a 40% profit margin and full return privileges, the local store can thrive. They don't need to carry every book, just the books that sell. And in the early 1960s, it wasn't unusual for a book to be a bestseller for a year or more."
