They did $16 million in sales and lost $5 million last year, so they’re more of a threat to their stockholders.
David Unowsky, owner of Hungry Mind Bookstore, who spoke to Jim Romenesko in 1997 for a profile on Amazon’s Jeff Bezos.
Romensko dug up the entire article, entitled: THE HEIGHT OF ONLINE SUCCESS//TINY AMAZON.COM SQUARES OFF AGAINST INDUSTRY GIANT BARNES & NOBLE. (It wasn’t online, so Pioneer Press staffers had to pull it up from their own archives.)
It’s so full of win. Amazon had just gone public (in the thick of the dot-com bubble) and Barnes & Noble was just entering the web and everyone seemed sure they would crush Amazon. It’s something important for every entreprenuer to remember every time they hear “but what if XXXXX enters your business”?
Hungry Mind Bookstore, meanwhile, went out of business in 2004, as Romenesko notes. Yet the notion of Amazon as a “threat” to stockholders endures 16 years later.