How Brisbane’s QBD Books became a retail success story
Stuck-at-home consumers have finally had time to buy and read Pride and Prejudice and other classic books, helping turn a Brisbane-based bookseller into a national retail success story.
QLD Business
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Brisbane-based QBD Books has emerged from a brutal six-month period as one of Australia’s most successful retailers.
The privately-owned company has kept its national chain of 76 stores open throughout the COVID-19 lockdown period and is now pushing ahead with expansion plans.
While many retailers are shrinking their bricks-and-mortar footprints, QBD chief executive Nicholas Croydon has just inked a deal to open another store in a Westfield centre in NSW and is in negotiations to open two new Victorian outlets.
Revenue has ballooned 50 per cent since Mr Croydon and his partners in the Australian investment group Cover Syndicate bought QBD in 2016.
The brand traces its roots back to the late 1890s when the Queensland Book Depot was established by the Uniting Church as a retail business selling religious material.
Annual turnover is now “circa $120 million”, Mr Croydon said, with double digit growth over the past 12 months.
“I feel very glad and thankful,” he said, acknowledging it has been a tough year for the retail industry.
He attributes QBD’s success, in part, to a combination of good staff and having the right products.
Jigsaws, which Prime Minister Scott Morrison called “essential” items back in March, have been flying off the shelves and fiction, history and classic book sales have also done well.
“Over the past few months it seems like people have rediscovered books again,” Mr Croydon said. “Classic sales have been quite strong - which is unusual.
“I think people are saying ‘I am working from home, I have time, I really must read Pride and Prejudice’ and they have just gone out and bought it,” he said. “We have some customers who hadn’t read much before who hopefully have discovered the joy of reading a book, instead of watching the screens.”
Mr Croydon said online sales have had a “massive jump” over the past quarter, more than doubling where the level was pre-COVID.
“(After a spike in April) it has come back to a steady new normal which is a lot higher than last year,” he said.
“We managed to expand our (online) capability in a very short period of time ... and because
of that we won market share from some of our competitors”.
QBD is currently upgrading technology at its online fulfilment centre at Richlands, on Brisbane’s southwest, which will allow it to boost its sales capacity.
“That will also bring more jobs into the Richlands facility,” he said.
The retailer’s latest initiative is a deal to sell Australian Geographic books and products in its stores and online.
“It’s bringing very exciting products into the store and we think that will attract a different type of customer into the store and they will see the books and then say ‘I will pick one of those up as well’,” he said.