Independent bookstores create value that extends far beyond selling books. They deepen literacy. They enrich literary and civic culture. They create places where people gather to exchange ideas, learn from one another, and engage with the world around them.
Yet most bookstores operate within an economic model that leaves little room for investment, innovation, or long-term sustainability. As one bookstore owner told us, “The capital needed to build and sustain bookstores can’t be earned from just selling books.”
Through our conversations with bookstore leaders across the country, we have consistently heard the same needs: better access to affordable capital, support for new business models, and help building stronger, more sustainable institutions. These challenges are especially acute in book deserts and for entrepreneurs from historically underrepresented communities, who often face additional barriers to raising capital.
Reimagining Bookstores was launched to help address these challenges.
Since 2012, we have brought together booksellers, funders, investors, nonprofit leaders, and community builders to explore new ways of supporting bookstores. Through these conversations and connections, we are helping unlock new philanthropic and impact capital for the bookstore sector while encouraging experimentation with new ownership, governance, and funding models.
We believe bookstores deserve access to the same kinds of philanthropic and impact investments that have helped strengthen libraries, public media, journalism, and other institutions that contribute to an informed and engaged society.
Emerson Collective
In April 2021, we were contacted by the Emerson Collective who were exploring ways to support bookstores. We shared our thinking with them about the current state and future possibilities for bookstores, including the role philanthropic capital can play in energizing the growth of nonprofit and hybrid model bookstores. We also helped them understand Kepler’s success in building a new model for bookstores. Emerson Collective represensatives participated in the inaugural gathering of Reimagining Bookstores in October 2021.
Since 2022, Emerson Collective has been supporting a growing portfolio of independent bookstores with setting up nonprofit and hybrid models to increase their community impact and improve their sustainability. Emerson Collective provides grants and legal assistance, and organizes regular convenings to deepen peer learnings. You can read this recent article in Stanford Social Innovation Review to learn more about their work with bookstores.
John Valpey
John Valpey, founder of social enterprise fund Return Capital and a retired Bank of America executive, was interested in helping mission-driven businesses gain access to capital, advice, and long-term support. Through connections made through the Reimagining Bookstores network, he became actively involved with independent bookstores seeking financing, strategic guidance, and succession planning support. Today, he provides financial and operational advice to bookstores and offers flexible financing for projects that traditional lenders often overlook.
He told Publishers Weekly that he works with booksellers who want to “open a second store, purchase a new store, renegotiate a lease or a loan, hire a new manager, or do succession planning. Some require capital, in the form of an equity investment or a flexible low-cost loan, and I’m willing to take some risk to support that passion.”
BookSmart Community Advantage
BookSmart, based in Morgan Hill, California, was interested in exploring new ways to strengthen its future while deepening community involvement in the bookstore. Founders Brad Jones and Cinda Meister reached out to us to learn more about Kepler’s hybrid model. We met with them and a group of their local community champions and shared our vision of community-powered bookstores and the role nonprofit models can play in realizing this vision.
In 2017, they started Booksmart Community Advantage (BCA) as part of the Morgan Hill Community Foundation. BCA’s mission is to foster literacy and community through reading, writing, art and educational programs.
Let’s Talk
The movement for community-powered bookstores that are transforming their communities is well under way. We believe a lot more work needs to happen and it will require substantial new investment. Much of that capital will come from communities, bookstore leaders, and local champions who want stronger bookstores in their neighborhoods. But there is also an important role for philanthropists, foundations, impact investors, and other partners who share this vision.
If you are interested in helping to create the next generation of community-powered bookstores, or to transform existing bookstores into stronger, more impactful businesses, we would welcome a conversation. We are always happy to share our experience and insights and answer any questions you might have.