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Len Riggio |
Leonard Riggio, founder and longtime head of Barnes & Noble, died yesterday, August 27, at age 83 after "a valiant battle with Alzheimer's disease," his family announced. Known to everyone in the business as Len, he was also founder of Barnes & Noble College; MBS Textbook Exchange, the wholesale textbook distributor; GameStop, the videogame and entertainment software stores; and SBX (Student Book Exchange), his first venture. At the height of his career, Riggio's companies, which included B. Dalton Bookseller, Doubleday Book Shops, Bookstop/Bookstar, and others, had more than 5,000 retail stores, with staff of more than 100,000 people. In 2019, Barnes & Noble was bought by Elliott Advisors, and James Daunt, managing director of Waterstones, replaced Riggio as head of B&N.
Barnes & Noble stated in part: "We are deeply saddened to share the passing of Leonard Riggio... Len's vision and entrepreneurial spirit transformed the retail landscape, establishing Barnes & Noble as the largest bookstore chain in the U.S. His leadership spanned decades, during which he not only grew the company but also nurtured a culture of innovation and a love for reading. A true son of New York, public servant, and tireless advocate for public education, literacy, and the arts, he supported organizations such as the Children's Defense Fund, the Anti-Defamation League and DIA. We honor his remarkable contributions and extend our deepest condolences to his family. Len will be greatly missed by all who knew him."
The company added that B&N superstores "revolutionized bookselling in America by combining a vast and deep selection of book titles with experienced bookselling teams, sprinkled with welcoming cafés. For Len, definitive success was creating significant monuments to books and reading, an ethos we still own today.
"Len was an extraordinary businessman who established our bookstores as community centers. His tenacity, charisma, and preternatural sense of the retail experience ensured his success not only in business, but also in social justice causes he was passionate about, including what he called the unfinished business of the civil rights movement, advocating for public education, arts, and literacy."
While he was a student in the 1960s, Riggio started out as a stock boy in the New York University bookstore, opened a competing off-campus college store--SBX--and then expanded SBX in the New York City area. He entered trade bookselling in a major way in 1971, when he bought the Barnes & Noble store on Fifth Avenue and 18th Street. Soon he opened more B&N stores in the New York area. The stores featured discounted books, a rarity, and were promoted via radio and TV advertising, another rarity. Through its acquisition of Marboro Books, the company also had an extensive mail-order business, which provided a solid foundation for online bookselling.
Riggio became a national bookseller in 1987, when B&N bought B. Dalton Bookseller, the chain of mall stores that numbered nearly 800 and was second only in size to Waldenbooks. In the following years, B&N bought Bookstop/Bookstar and Doubleday.
The Rise of Superstores
At the end of the 1980s, Riggio launched what perhaps is his greatest career legacy: creating the Barnes & Noble superstore and expanding it nationwide. The idea of a huge store of 25,000 square feet or more that stocked several hundred thousand titles, had a café, plenty of chairs for customers, with music, video, and related sidelines, was new and popular--and aggressively pursued by B&N and by competitors that included Borders, Basset, and Crown, none of which survived. During this time, Riggio also increased his college bookstore management business, which became the second-largest, after Follett.
B&N's superstores, which totaled about 725 at their peak, revolutionized bookselling and led to the closing of many independent bookstores. For most of the 1990s, B&N, along with Borders, seemed to be the behemoth that would dominate bookselling for decades to come.
But in 1994, Amazon.com opened, initially as a bookstore only, and B&N was slow to appreciate the importance of online bookselling. While B&N eventually expanded its online presence with B&N.com, Amazon grew at a exponential pace and came to claim a much larger part of the book market than B&N ever had.
The next blow to B&N came in 2007, when Amazon introduced the Kindle. The e-book devices were so popular initially that many industry gurus predicted print books wouldn't exist other than as curiosities by 2015. Two years after the Kindle's launch, B&N introduced the Nook, which had promising sales for a time, but lost steam and became a major drag on the company financially.
B&N was late or missed out on other major trends in book retailing after the turn of the century. Most B&N superstores dated from the '90s and showed their age, especially considering the many changes in general retail since their establishment. The company made some attempts to update the stores but they were limited.
Some observers have considered B&N's initial public offering in 1993 a mistake since it seemed to force the company to run operations in a way needed to please institutional investors on Wall Street. Ever more executives at the company were recruited from outside the book industry, which usually meant they spent a lot of time learning the quirks of the book business before they could really begin work. And when sales declined in the last decade of Riggio's era, the company often took standard business approaches, which included, for example, cutting costs by firing experienced booksellers and many regional buyers, who had often made individual stores more reflective of their areas.
Riggio was fiercely loyal to many people in the business and many employees, and B&N treated publisher and distributor reps well. He was also a generous philanthropist, promoting the causes of literacy, education, and progressive politics. As his family noted, he was "deeply invested in social justice causes hoping to address what he called the unfinished business of the civil rights movement." He helped people who lost their homes in Hurricane Katrina and made major donations to the Dia Center in Beacon, N.Y., New York University, the Langston Hughes Library, and the Democratic Party. He founded, with his wife, Louise, the Writing and Democracy Program at the New School, the Brooklyn Tech Foundation, and the "Close the Book on Hate" program for the Anti-Defamation League. In 2017, he was Grand Marshall of the Columbus Day Parade in New York City (to which he invited more than 100 authors of Italian descent). In addition, he won the Americanism Award from the Anti-Defamation League, the Ellis Island Medal of Honor, and the Frederick Douglass Medallion. His friends included Tony Bennett, David Dinkins, Bill Bradley, and Charlie Rangel.
Riggio loved to wheel and deal. He bought and sold many companies, taking them public, then going private again, or spinning them off and sometimes buying them back. Controlled by Riggio, B&N often bought and sold companies that Riggio owned. The list of such dealings included B&N.com, B&N Education, MBS Textbook Exchange, GameStop, Software, Etc., Babbage's, Babbage's Etc., Funco, and NeoStar.
A lover of art, Riggio was also a wordsmith, who was eminently quotable. In our interactions with him, we found him to be charming, charismatic, passionate, opinionated. He stuck to his guns, even when his views went against the grain. While he repeatedly said that the book world should celebrate the opening of every bookstore "regardless of its pedigree," he also insisted B. Dalton Bookseller, with nearly 800 stores, was not a chain. (He maintained that instead it was a "network of booksellers.")
A Mass of Christian burial will take place on Friday, August 30, at 10 a.m. at the Basilica of St. Patrick's Old Cathedral, 263 Mulberry St., in New York City, with a public celebration of his life to be announced at a later date. In lieu of flowers, the family asks that donations be made in his memory to the Alzheimer's Association.