Letters Bookshop in Durham, N.C., is switching from a traditional, privately owned business model to a community-supported cooperative.
"After 10 years of owning Letters Bookshop, and more than 20 years in bookselling, I am ready to hand over the reins," said store founder Land Arnold. "I believe a co-op is the best way to ensure a sustainable future for Letters and its staff, to build an even stronger reading community in Durham, and to strengthen a commitment to downtown."
The business is now called Letters Community Bookshop and is governed by an inaugural board of directors. Ownership shares are available for $116. Shares come with voting rights, enrollment in a frequent buyer program, 20% off select hardcover books, and a limited-edition tote bag. There is also an option for preferred shares that sell in increments of $250 and have a yearly dividend.
"I hope the new model will help us shore up the things we already do well and continue to evolve alongside a shop community that's wider and, inherently, deeper," said general manager William Page.
Arnold noted that since the Covid-19 pandemic, many office workers, events, and festivals have not returned to downtown Durham. And while the long-term outlook is positive, downtown retail faces significant challenges in the short term.
"The next step in bookselling is to become a model not only of retail survival but of community-supported retail vitality," Arnold said.