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Indigo Books & Music Inc., the operator of Canada’s largest book retailing chain, reported a net loss of $31 million on Tuesday. The net loss for the year ending March 29 compares to net earnings of $4.3 million in the previous year.
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Indigo bet big in 2013 with their gravitational shift from selling books to peddling pillows, wine glasses and gourmet chocolate. They also devoted significant square footage in each store to Indigo Tech and made agreements with Apple, Beats and companies involved in wearables. The gambit has failed, as the largest bookseller in Canada posted a loss of over 31 million dollars last year.
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Having been in the Indigo bookstore myself, it is awkward seeing the dedicated tech. rep standing around by himself, with nobody visiting the tech. section.
Other than the Kobo devices and iPads, the majority of the items sold are on the lower end of the spectrum.
If somebody wants to buy an Apple product they would turn to an Apple Store not Indigo.
IMO Indigo needs to focus its core products and that is books.