Topic 2：Retail
Whenever publishers gather，retail is a natural topic of conversation.Even though single copies only account for about 15%of U.S.circulation，retail sales provide 30%of circulation revenue so it's an important area of focus.At our annual conference，we heard good news and bad news.Stephen Riggio，the Chief Executive Office and Vice Chairman of Barnes&；Noble was interviewed by Cathie Black，the President of Hearst Magazines.We were thrilled to hear Mr.Riggio declare that reading was alive and well.His analysis of Barnes&；Noble store data shows that consumers are hungry for print，and he has seen no decline in teen reading.He had the conference audience clapping and cheering when he told them he would like to give more space to magazines.
Magazines have the prime real estate in his stores.European publishers might be interested to note that the second best-selling magazine in his chain is not from an American publisher.It's the Economist.That certainly says something about his customers who spend an amazing one hour during store visits.Only 10%of transactions include a magazine-a number he feels leaves tremendous room for growth.He also told the audience that Barnes&；Noble online and the retail stores complimenteach other and do not cannibalize sales from each other as many had predicted.