Buffalo Street Books, Ithaca, N.Y., is hoping to sustain its long-term future by transitioning to a nonprofit model. The Ithaca Times reported that the co-op bookstore "is once again facing financial losses, putting the store's iconic location in the Dewitt Mall in downtown Ithaca at risk of closure." The store, with nearly 1,000 owners, had announced to its network in October that it needed to raise $100,000 after struggling with low sales in the beginning of this year. The campaign has thus far raised more than $35,000.
Lisa Swayze, who has been the general manager of Buffalo Street Books since 2017, said, "It has always been a point of pride that we're one of the few cooperative bookstores in the country, and it felt hugely revolutionary when they did it in 2011, and it was, and it worked. But it just didn't function for the structure of the store to keep it alive, it functioned to save the store back then."
The business typically operates at an annual loss of about $60,000 due to a multitude of factors, including the rise of online competitors, tight margins, and paying employees a living wage. Swayze and the board of directors now see the shift to a nonprofit model as "the only option.... As a cooperative, we've never had a goal of making money, we just want to stay alive."
Swayze and board chair Amy Reading said that the transition to a nonprofit will not have a significant impact on how the store operates; they believe the store already serves as a nonprofit in many ways. Reading noted that memberships would give the community a structure of regular support, instead of relying on the community to support them during times of crisis.
"I'm mightily confident that shifting to a not-for-profit is the answer to our persistent financial troubles," Reading noted. "It will open us up to new sources of funding for the literary programming that our peerless staff have so far funded with their pure passion."
Swayze added: "My experience, having been here for these past seven years, is that we are very beloved. I know how much it means to people, I know that what we are offering makes people really happy, fills a niche, provides incredible comfort, brings the community together, so many things. I can't imagine that the community is going to be willing to let that go."