Chapter 141: James Daunt on bespoke bookselling building Barnes and bonds
James Daunt grew up in England the child of a diplomat—moving countries, tasting cultures, living a life with books and history at its core. He lived in Turkey and Cyprus before coming back to England for boarding school. After studying history at Cambridge, he didn’t know what he wanted to do, so the Career Services department pointed him towards investment banking across the sea in New York City. He actually liked the job but his girlfriend thought it was incredibly boring and encouraged him to quit. He thought, "How do I combine my love of reading and my love of travel into doing something wholly different?" The first Daunt Books independent bookstore opened on Marylebone High Street in London soon after. Unlike nearly every book store in the world he organized his books … by country. Not genre! But by place. Bookselling isn't an easy business! Lots of stores were going belly-up and profits were meager but over time he found a special knack for it. He went to bookselling school, paid fairly, and took mentorship and development seriously. When big bookstore chains started falling in the wake of Amazon, and Waterstones was essentially the only national chain left in the UK, a wealthy entrepreneur bought it and asked James to lead it. He turned the concept of a chain bookstore on its head, suggesting that stores would do better if the head office minimized itself and helped the booksellers operate like their own independent bookstores. Gone were planograms! Head office mandates! He tore up lucrative publisher deals spelling out which books to force onto the front tables to guarantee bestseller lists! He ripped up the rulebook completely. And what happened? Sales shot up. The chain survived ... then thrived. When the new owners of Waterstones bought Barnes & Noble—the largest bookstore chain in the world—they asked James to lead it, too. Today, James Daunt is the biggest bookseller on the planet overseeing nearly 1000 bookshops including his now-9 store Daunt Books indie chain, over 300 Waterstones, and over 600 Barnes & Nobles (including 65 new ones this year!!). I was very excited when James said "yes" to coming on 3 Books. We go deep on learning from history, the role of bookstores in society, his most formative books, the best place to find a date, the key to customer service, leading from behind, and much, much more.... Let’s flip the page to Chapter 141 now...