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Len Riggio: A Bookselling Visionary’s Legacy
Len Riggio, a transformative figure in the realm of bookselling, passed away on August 27 due to complications from Alzheimer’s disease at the age of 83. His journey began in 1965 when he opened his first college bookstore, leading to his acquisition of the iconic Barnes & Noble (B&N) trade name and flagship store in New York City in 1971. Under Riggio’s leadership, B&N made significant strides in the bookselling industry, emerging as the third-largest bookstore chain in the U.S. by 1985, with 37 trade stores and 142 college bookstores generating around $225 million in sales.
In a pivotal move in late 1986, Riggio, with financial backing from Vendex International, expanded B&N’s influence by acquiring the larger B. Dalton chain. This strategic acquisition solidified B&N’s status as the largest bookstore chain in America, a title Riggio was not entirely comfortable with, given the negative perceptions associated with it.
The Rise of Superstores
During Riggio’s tenure, the bookselling landscape underwent a dramatic transformation, characterized by the proliferation of physical bookstores and the establishment of large chains like Waldenbooks and Borders. The introduction of the “superstore” concept—massive, urban bookstores offering significant discounts—resulted in the closure of many independent bookstores, a trend that led to tensions between B&N and smaller retailers. The American Booksellers Association (ABA) responded with two major lawsuits in the 1990s, accusing B&N of unfair business practices.
Innovations and Challenges
Despite legal challenges, Riggio continued to expand B&N’s operations. He ventured into publishing with an in-house program aimed at producing affordable editions of out-of-print books, later acquiring Sterling Publishing in 2003 under Union Square & Co., a decision that stirred concerns among traditional publishers. As online retail gained momentum, Riggio launched BN.com in 1997, positioning B&N to compete directly with Amazon. Although B&N initially withstood Amazon’s competition, the rise of e-books transformed the market, and by 2008, Amazon surpassed B&N to become the largest bookseller in the U.S.
To counteract Amazon’s influence, Riggio introduced the Nook e-reader in 2009 in an effort to reclaim some market share, forming a partnership with Microsoft to support the device. However, the soaring popularity of online shopping increasingly challenged the viability of traditional bookstores, a trend that persisted during the later years of Riggio’s leadership.
Legacy and Impact
Riggio stepped away from his role as CEO in April 2016, believing the book industry was stabilizing, but returned shortly afterward due to disappointing sales results. He officially transitioned out of the CEO position in July 2017, ultimately concluding his 54-year association with B&N when the company was sold to Elliott Advisors in June 2019.
Despite facing criticism from indie booksellers and various hurdles throughout his career, Riggio undeniably shaped the book retail landscape and expanded readers’ access to literature. He pioneered several enterprises, including Barnes & Noble College Stores and MBS Textbook Exchange, and was an advocate for lower book prices to encourage reading.
“In mourning the passing of Len Riggio, we also celebrate the life of a book-loving visionary who transformed the way America reads,” remarked Nihar Malaviya, CEO of Penguin Random House. He acknowledged Riggio’s immense impact on the commercial and cultural facets of bookselling.
Oren Teicher, former CEO of the ABA, reflected on his long-standing relationship with Riggio, noting their shared commitment to the industry’s core values. Despite their differences over the years, Teicher recognized Riggio’s passion for bookselling and his substantial contributions to the community.
Riggio’s interests extended beyond bookselling; he was actively involved in arts, education, and social justice initiatives. His daughter, Stephanie Riggio-Bulger, described him as a person who radiated warmth and generosity, striving to make a positive impact on the world.
Upon being named PW’s Person of the Year in 2010, Riggio reflected on his entrepreneurial journey with pride. “I started four companies from scratch: Barnes & Noble, Barnes & Noble College, GameStop, and MBS Textbook Exchange,” he stated, highlighting his multifaceted career as an entrepreneur and leader in the bookselling industry.
Source
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