Barnes & Nobel has recently announced that it will be dividing it’s company to focus on it’s educational branch and main branch separately in order to move the company in a startling new direction to appeal to Millennials: The Luxury Library.
Barnes & Nobel’s recent strategy is good evidence for my hypothesis that many companies that are failing will rebrand to fit millennial interests. We are politically and socially facing identity threats: there is uncertainty in the global shift of power and the uncertainty of how we will survive as a species with resistance to knowledge due to anti-intellectualism. The void left assimilates sources around a person, sources forming identity. To be a strong brand is to have a strong identity. Culture is the mass of identity. Barnes & Nobel recognizes this and follows this trend. They are following what is in demand: a culture hub, a luxury library, a good place to get work done, rent a NOOK, use a 3D printer, or stop in for a drink and read a classic book. Also, their kid’s section will most certainly remain. B&N will be great for tying community events and hosting them as well. Being a part of the community is important for B&N, which is why they choose to sponsor civic and educational events. This commitment is good for the American consumer. Having a strong brand like B&N bring light to the joy of education will lead millennials to appreciate knowledge more; a theme which they play their march to.
Just like Google they will rely on it’s culture to morph itself into a place where the common person can utilize tools that they might not have access to. B&N can help the common consumer.
Not too long ago their stock was at a low point, but ever since these promising announcements have been made there has been an increase in confidence that this is the right direction.
There is recent news as of 10/16 that XYZprinting And Barnes & Noble Partner For Educator Week To Bring 3D Printers To Stores Nationwide.
They also aim to become a civic hub through hosting events such as: Barnes & Noble Aims to Unite Educators to Make the World a Better Place During One-of-a-Kind Educator Appreciation Days; Barnes & Noble Announces a Month-Long Celebration of Pop Culture at Stores Nationwide in July