Barnes & Noble (NYSE:BKS) announced the unveiling of four concept stores set to open in the next year that will include restaurants and serve alcohol.
The announcement, made during an investor conference, came on the heels of fourth-quarter results, which showed comparable store sales down 0.8 percent and all retail sales down 2.2 percent, reported International Business Times.
The bookstore chain hopes to combat slowing sales by expanding their cafes to include beer and wine service. In the four new stores, Barnes & Noble will also offer breakfast, lunch and dinner, with waiter service.
Chief Executive Ron Boire said the food would be affordable and that the company's commitment to hospitality will help contribute to a larger percentage of sales.
The first concept store is expected to open in Eastchester, New York, in October. The store will also have outdoor amenities such as a fire pit and bocce court. The other locations include Edina, Minnesota; Folsom, California; and Loudon, Virginia.
Barnes & Noble announced it would revamp the bookstore format after reporting disappointing third-quarter results. In the past few years, the company has made a big effort to make cost-saving changes. For example, in 2014, Barnes & Noble separated its retail and Nook businesses into two separate companies. And in 2015, the company spun off its college bookstore operator, Barnes & Noble Education, into its own entity.
- see this International Business Times article