The Wall Street Journal reported today that Barnes and Noble, America's leading book retail bookseller reported a wider first quarter net loss, cut its sales forecast and said its same store sales fell 1.5%. Barnes and Noble now predicts sales to be slightly lower instead of slightly positive for the year.
The company is still considering buying the failing Borders Bookseller whose shares are trading this morning at $6.93 down from a 52 weeks high of $24.15. Barnes and Noble shares fell today to $28.75 from a 52 week high of $43.90.
These books stores are multi-purpose stores similar to the type of library you are being asked to expand by $35,000,000.00.
Peoria has much higher priorities on which to spend this money. You are already funding our libraries at over $11,000,000.00 a year while nearby Peoria Heights and Dunlap Libraries are under used. Both within easy driving distance of North Peorians.
With some small revisions, the Peoria area would be over served by libraries. Stacks of unused books can be taken down and this space used for additional computers although more and more people are able to use digital systems to access information at their homes.
Studies show that poorer people use libraries less than the more affluent. Same as in our public school systems.