巴諾書(shū)店（Barnes & Noble）可能將迎來(lái)一個(gè)圓滿(mǎn)的結(jié)局,。這家在銷(xiāo)售額連年萎縮的情況下仍然保持著美國(guó)最大規(guī)模的連鎖書(shū)店已經(jīng)被對(duì)沖基金Elliott Management和剛剛恢復(fù)元?dú)獾挠?guó)書(shū)店水石（Waterstones）以6.83億美元收購(gòu)。

任何零售商都很容易把衰敗歸咎于亞馬遜（Amazon）,，不過(guò)總部位于紐約的巴諾書(shū)店的式微很大程度上是自己造成的,。它試圖用自己的Nook設(shè)備抗衡亞馬遜的Kindle電子書(shū)閱讀器，最后損失了超過(guò)10億美元,。它忽視了網(wǎng)站銷(xiāo)售（一些預(yù)測(cè)認(rèn)為,，這家連鎖書(shū)店只有7%的銷(xiāo)售額來(lái)自于線(xiàn)上），在其20世紀(jì)90年代的鼎盛時(shí)期又讓太多的大賣(mài)場(chǎng)型門(mén)店漸漸凋零,。這些書(shū)店儲(chǔ)存了太多銷(xiāo)量不佳的“長(zhǎng)尾”產(chǎn)品,，充其量只算是名字光鮮的倉(cāng)庫(kù),。最后的結(jié)果就是：公司的最后一次可比銷(xiāo)售額增長(zhǎng)還是在2012年，即使它已經(jīng)砍掉了那些表現(xiàn)最差的店面,。

巴諾書(shū)店在私有化之后,，調(diào)整起來(lái)會(huì)容易一些，措施可能包括這家連鎖店曾經(jīng)嘗試過(guò)的做法：改造成帶有咖啡館甚至售賣(mài)酒類(lèi)的更有活力的小型店面,。[科爾士百貨（Kohl’s）和諾德斯特龍百貨（Nordstrom）也在試驗(yàn)這種削減規(guī)模,，提高客流利潤(rùn)的方式。]Elliott暗示稱(chēng)它支持類(lèi)似的做法,，讓每家門(mén)店更像是獨(dú)立的本地書(shū)店,。這類(lèi)書(shū)店有許多都在繁榮發(fā)展[不像之前在2011年倒閉的書(shū)店巨頭鮑德斯（Borders）]，并表明零售店也可以打敗亞馬遜,，只要它們做好零售,。（財(cái)富中文網(wǎng)）

本文另一版本登載于《財(cái)富》雜志2019年7月刊，標(biāo)題為《巴諾書(shū)店能否翻開(kāi)新篇章,？》,。

譯者：嚴(yán)匡正

The Barnes & Noble saga may yet have a happy ending. The retailer, still the largest U.S. bookstore chain despite years of shriveling sales, was bought by hedge fund ?Elliott Management along with newly revived British bookseller Waterstones in a $683 million deal.

It’s easy for any retailer to blame Amazon for its woes, but New York–based Barnes & Noble’s decline has been largely self-inflicted. It racked up more than $1 billion in losses trying to compete against Amazon’s Kindle e-reader with its own Nook device. It neglected its website (the chain gets only about 7% of sales online, according to some estimates), and it let too many of its big-box stores languish aesthetically in the 1990s, the retailer’s heyday. Those locations stock too much “l(fā)ong tail” merchandise and serve as glorified warehouses. The result: Its last year of comparable sales growth was 2012, even though it has shed its weakest stores.

Fixing Barnes & Noble, which will be easier to do as a private company, could involve something the chain has already been testing: smaller, more dynamic stores with cafés and even booze. (Downsizing to create more profitable footprints is also being tested by Kohl’s and Nordstrom.) Elliott has hinted that it backs similar moves to make each location more like a local independent bookstore. Many of those are thriving (unlike former megachain Borders, which went under in 2011) and showing that retailers can beat Amazon by being, well, retailers.

A version of this article appears in the July 2019 issue of Fortune with the headline “Can Barnes & Noble Turn the Page?”