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Slideshow Borders launches e-bookstore Digg This Tweet This Share on LinkedIn Share on Facebook Related News Borders launches e-bookstore and new smartphone apps 12:41am EDT UPDATE 3-Apple says iPhones overstate signal strength Fri, Jul 2 2010 UPDATE 3-Amazon again cuts Kindle price as iPad raises heat Thu, Jul 1 2010 UPDATE 2-Barnes & Noble shares down despite e-books forecast Tue, Jun 29 2010 CORRECTED - UPDATE 1-Barnes & Noble shares down despite e-books forecast Tue, Jun 29 2010 Related Topics Technology » ipad » Media » A customer is seen through the window of a Borders book store in New York in this March 16, 2010 file photo. Credit: Reuters/Brendan McDermid By Phil Wahba NEW YORK | Wed Jul 7, 2010 2:08am EDT NEW YORK (Reuters) - Borders Group Inc's electronic bookstore went live on Wednesday and the head of its bookselling business predicted that it would quickly catch up with rivals and win a piece of the fast growing e-books sector. The launch comes nine months after Barnes & Noble Inc debuted its Nook e-reader and three months after Apple Inc introduced its popular iPad tablet computer, allowing both companies, and Amazon.com Inc which sells the Kindle e-reader, to get a big head start on Borders. Borders urgently needs to win a piece of the e-books business: sales at its namesake superstores open at least a year and on its website fell 11.4 percent during the first quarter, the latest decline in a long streak. But Mike Edwards, president of Borders Inc, the company's main operating business, said Borders was not at a disadvantage. "We'll take market share just by turning it on," Edwards told Reuters in an interview last week. Edwards said that Borders, the No. 2 U.S. bookstore chain by sales after, had data and e-mail addresses for the 38 million customers in its loyalty program and has about 700 stores at which it can promote its virtual bookstore, which he said will help it quickly catch up. Borders said its e-bookstore will offer 1.5 million titles, including free books. Amazon says it offers 620,000 books as well as 1.8 million free, out-of-copyright titles, and Barnes & Noble says it offers 1 million titles. "A lot of people have said, 'You're kind of late to the game,' and I'm saying, 'the game actually just started'." But larger rival Barnes & Noble told investors last week that it has already won 20 percent of the U.S. e-books market since launching the Nook, exceeding its share of physical books sales. Edwards, who estimated that Borders has about 15 percent of the U.S. physical book market, said Borders could snag a similar share of e-book sales. Currently, about 5 percent of Borders sales, including physical books ordered online, go through its website, representing about $100 million this year. Edwards said online sales have soared by virtue of improvements to the web site. In addition to the applications recently launched for Apple's iPhone and iPad, Borders on Wednesday introduced applications for Research In Motion's Blackberry smartphones and phones with Google's Android software to allow the downloading of books on a wider array of devices. While Barnes & Noble and Amazon.com have relied on their own e-readers to spur e-books sales, Edwards said Borders has been wise not to get into the expensive game of developing devices, citing the sales-sapping price war that has erupted between his rivals. On a conference call last week, Barnes & Noble said the cost of enhancing the Nook would weigh on results. "I'm ecstatic that we decided we're not going to be in that game," Edwards said. "We are not a device maker -- we're a bookseller." A Goldman Sachs report in April forecast that e-book sales, which make up 3 percent of overall U.S. book sales now, would rise to 12.8 percent by 2015. RETHINKING SUPERSTORES Edwards expects that ultimately 20 percent of book sales will shift online. Yet Edwards and Barnes & Noble Chairman Len Riggio both separately said store count would remain stable. The two retailers run a combined 1,500 or so U.S. stores, a figure that Edwards conceded might be high in the long run. "The store base at large would probably shrink," Edwards said of the industrywide store count. But until then, a new battle is brewing: what to stock shelves with to replace book sales that go online. Borders is looking at what products would be compatible with books and the possibilities include kids products, consumer electronics and apparel. "The pressure on us is not on the digital side," he said. "How you create that new retail experience, that's where the art is going to be." Last month, financier Bennett LeBow, Borders' chairman and largest shareholder, was named chief executive of the company, and in March, Borders repaid a loan to Pershing Square Capital Management and secured access to $700 million in credit. Now that Borders is on a stronger financial footing, the company can concentrate on "reigniting" the Borders brand, Edwards said. "We're kind of a sleeping giant," Edwards said. "We will take our share." (Editing by Lincoln Feast) Technology ipad Media Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests. NYSE and AMEX quotes delayed by at least 20 minutes. Nasdaq delayed by at least 15 minutes. For a complete list of exchanges and delays, please click here.

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