Two years ago, Akademos published the first comprehensive survey of college CFOs regarding the future of college bookstore and textbook services - and in an exclusive webinar held on April 29, released the highlights of the eagarly aniticpated 2015 follow-up study
In both surveys,participants were asked to estimate the trend line in their bookstore's textbook sales over the past 3 years.
In the latest survey, 91% of respondents indicated textbook sales have been flat or down over the past three years and in just two years there was a 36% increase in CFOs reporting declines of more than 10%.
the survey data reviewed during the webinar provides some valuable insight into why sales declines have accelerated and why they are likely to continue to decline in the future.
Robert Pignatello, SVP of finance and Administration at CUNY’s John Jay College shared some valuable insights on this topic as one of the featured speakers during the webinar and commented on his own expereince and observations:
"We started to think about providing low-cost options to students and re-thinking the traditional way of viewing the college store," recalls Pignatello. We began to build up other areas of revenue producing activity at the college, knowing this trend was going to continue. In a few short years we saw [textbook sales] go down by 50%, and it continued to go down."