COMMUNITY PSA: I’m deeply saddened by news of the closing of the largest Black American owned bookstore in the U.S. Just finished listening to an interview on NPR with the owner Marva Allen about the state of her industry and why she had to make a tough business decision to close the store.
Simple answer, the “business model was no longer sustainable.” She said that while at the same time indicating that her gross profit margins were 37%. Bottom line, her store didn’t have enough traffic to boost sales to a point where they would allow for a more sustainable model.
One other note, the largest Black American owned company is not as large as the smallest Fortune 500 company. According to Allen this is largely because Black American owned business don’t have the same access to funding and investment that White owned businesses in America. Just something to seriously consider people.
We’ve got work to do.