On Friday, October 23, the Strand Book Store announced to its followers that its year-over-year revenues have dropped nearly 70%, and that the business is turning to the crowd for assistance.
? We need your help. This is the post we hoped to never write, but today marks a huge turning point in The Strand’s history. Our revenue has dropped nearly 70% compared to last year, and the loans and cash reserves that have kept us afloat these past months are depleted. pic.twitter.com/mI074pigZu
— Strand Book Store (@strandbookstore) October 23, 2020
The tweet includes a letter written by the Strand’s owner, Nancy Bass Wyden, who provides details of the company’s struggles along with ways customers can help.
Wyden states that “while the loan we were given and our cash reserves allowed us to weather the past eight months of losses, we are now at a turning point where our business is unsustainable.”
She continues to explain that the company won’t be able to survive much longer with the decline in foot-traffic combined with a lack of in-store events.
The third-generation owner of Stand Book Store, which is now 93 years old, asks customers to:
- Visit both stores in person (828 Broadway at 12th Street and 450 Columbus Ave, between 81st and 82nd Streets)
- Visit the website and shop from their gift guide
- Give gifts from the Strand
- Encourage friends to shop at the Strand
- Spread the word and use the hashtag #savethestrand
The Strand just opened its UWS store this summer. Located at 450 Columbus Avenue, between 81st and 82nd Streets, it replaced Book Culture, which closed its location in the same space in early 2020.
At the onset of the pandemic, Wyden laid off the majority of the Strand’s staff members, which quickly led to protests and accusations of greed.