I own BAMM at a loss. Have made a lot of money on it on multiple trades over many years and the last time I bought back, at much higher prices, they still had solid trailing 12 month earnings and I was buying back at less than I had sold for.
Clearly an error in hindsight. But I do think the market is underestimating the need for real bookstores. While over many years, no question, they will have to downsize. I just think good things could happen in the meantime. Or at least i hope so anyway.
Its probably one I should consider taking a tax loss on.
I agree 100% about the need for real book stores, and even real books for that matter. The experience of just randomly browsing shelves and exploring whatever catches your eye is irreplaceable in my opinion.
That said, the BAMM on the more affluent side of town closed several years ago. The remaining huntsville store, which is more centrally located, has been in its location since the mid-eighties and hasn't really had a facelift since. Store mgmt does a fair job of keeping things presentable but the accumulated wear and tear definitely shows. Also, given the location of the store, the Joe Muggs attracts a lot of transients looking to get out of the weather. They tend to hang out inside and scare off paing customers. Still, there is a fair amount of traffic in and out of the store and the coffee shop stays busy. How that translates into folks buying books, I don't know.
The Madison location is newer, smaller, and just generally a more pleasant place to visit. It too has fair traffic, but again, I don't know how that translates into actual sales.
I know as much about this as I do because I was unable to receive internet at my residence for a couple of months so I purchased a BAMM Millionaires Card and used their wifi. I was in one of the stores for an hour or two every business day from mid November thru mid January.