Bookshop owners hoping to have a good ending
Despite what so-called experts might say, there is never a perfect time to launch a new business.
Jane Arthur and I started Good Books in October 2020, fully aware of the pressures Covid imposed: increased safety measures, delivery delays, lockdowns, free-floating existential dread.
We factored all of these into our business plan, and for almost three years, we were making it work.
But mid-last year, rising interest rates and cost of living combined with uncertainty around a new government (particularly in Wellington, where we have a high percentage of the public servants whose jobs are at risk) meant people stopped spending. And I mean stopped; sales didn’t just slow, they dropped off a cliff.
If we’d had a few more years under our belt, we might have had the ballast that would have enabled us to manage our way out of this abrupt and precipitous downturn. But a 3-year-old business is still a new business, and it got to the point this year where there were no more cost levers to pull.
So, we made the call early, because it was important for Jane and me to have a good ending, to meet all our obligations and look after our beautiful, amazing team.
Since we announced our closing date – Friday, May 10 – we’ve been blown away by the messages of support we’ve received. When Jane and I first set up, we wanted to be a safe, inclusive, welcoming and Covid-aware place, and one that treats their people well.
Jane as shop manager has been staunch in never wavering from these values, and judging by the response this has been incredibly important to people. It’s also testament to Jane that every single one of our team, present and past, have loved their time at Good Books. Few businesses can say that, and I’m so proud we’re one of them.
I’ve also seen people on social media opining on the reasons for our closure: The rents were too high. The location was wrong. No-one buys books any more.
Yes, rents are high and, along with salaries, they are usually a business’s biggest expense. When you start up a business, you factor in these costs. And unless you have a crappy landlord who hikes the rent unreasonably, you’re prepared. Our landlord has been amazing and supportive. Location-wise, we were a little tucked away but until last year, that hadn’t been an issue.
And people most certainly still buy books. According to Nielsen Bookdata, in 2023, the New Zealand book market generated volume sales of 6.1 million books, valued at $140.1 million. This was down from 2022 by only just over 5%, and in a year where the cost of living rose by over 7%.
My point is that this is not an “us” problem. It’s bigger than that. Small businesses we know, some who’ve been successfully trading for the last decade, have already closed down. Others have told us in confidence that they’re afraid they won’t see out the year. If you can, please support the local businesses you love.
That said, we have no regrets other than we have to say goodbye to this lovely shop, and to all our customers. Nothing short of a miracle would have saved us.
PS: Any miracle-workers, please feel free to sprinkle stardust our way in the next two months.
My heartfelt thanks to my Good Books team: Jane, Becks, Kate, Pippi, Loretta, Anita, Always, Sarah, Eamonn, Rose, Freya, Jenny, Simon and James.
Our final day of trading is May 10, so come in and see us. We have two events on before we close. One is the launch of Jane’s first novel for young readers, Brown Bird (Penguin). Details on our website: goodbookshop.nz
– Catherine Robertson is a co-owner of Good Books.