Waterstone's to open cinema in Piccadilly branch
12.07.10 | Graeme Neill
Waterstone's will open a cinema in its Piccadilly branch in central London next year after it signed an agreement with Curzon Artificial Eye.
The retailer refused to comment about where the cinema would be, how many screens it would have or whether it would reduce the number of books instore. But spokesperson said: "We have got planning permission for Piccadilly and it's in the pipeline for 2011."
Curzon Artifical Eye has five cinemas across London, and operates the cinema at the HMV branch in Wimbledon. In a note posted online, Ross Fitzsimons, a director of Curzon Artifical Eye, said other cinemas were being planned for other Waterstone's branches.
He said: "This will be the first Curzon at Waterstone’s cinema . . . with other HMV and Waterstone’s sites now being planned. HMV and CAE recently announced their intention to develop and open up to twenty more of these cinemas with CAE over the next four to five years. The partnership with HMV gives CAE potential access as that rollout continues to almost seven million registered customers."
The Waterstone's spokesperson refused to comment on whether additional cinemas would be added to its branches.
Comments on this article
By Not Brentford
Office Gopher: makes total sense. Anyone who's visited that store could tell you that the footfall doesn't justify the space at present. Repurposing some of that space into a cinema should bring people into the store who might not otherwise have gone, and who'll be exposed to merchandising on their way in and out. Would also think that imaginative planners might be able to come up with some very interesting events tieing in bookshop and cinema under one roof.12 Jul 10 16:09
By Mr D. Evans
Next week, the Finchley Road branch becomes a roller disco...12 Jul 10 16:11
By Trade Publisher
When a company has the sense to recognise that tweaking the current business model is not going to work, they have to be innovative and think out of the box. More of the same isn't a solution anymore and the comfortable bookselling days of a few years ago are not coming back. I say well done to Waterstones for trying and it's a pity that the oh so English cynicism about anything "too" different keeps on rearing its head.12 Jul 10 16:21
By Count Duckula
Hang on, I've just had my pay frozen after a horrible year of working for Waterstone's, and they're opening a CINEMA? I'm speechless.12 Jul 10 16:48
By Real Orange Peel
I hear that they are also opening the following ----- Night Clubs ----- Pool Halls ---- Casinos ---- Amusement Arcades ---- in discussion with a large well known supermarket to stock there own brand label items ---- Estate Agents ---- and last of all provide some space for all those high street charity shops to move into!12 Jul 10 16:51
By SPY
WHAT...... Just think of all those silly extra questions you will be asked when you pay for you cinema ticket.....12 Jul 10 16:54
By Um
Where is all this negativity coming from? This is how you turn around a business that is seeing the market for its product shrink - You introduce new product lines. It may not work but it has to be tried or else no-one would have their pay unfrozen or, worse, any jobs at all.12 Jul 10 16:58
By D Phillips
What's the problem? Good idea to utilise space in a huge building in central London. This can only be a positive thing for the store and the business. A season of films based on books with the authors in attendance would be really interesting. I can think of several other stores in large cities that could also do this.12 Jul 10 17:27
By Buff Orpington
A very sensible and imaginative idea. That store is a loss-making white elephant. Now it has the potential to become a major venue.12 Jul 10 18:49
By Business As Usual
@ Um; strictly speaking, it is inaccurate to characterize Waterstone's as "a business that is seeing the market for its product shrink". According to The Bookseller's own reporting [http://www.thebookseller.com/news/108435-page.html] book sales for 2009 were only marginally in decline compared to the previous two years each of which included sales of various formats of the final instalment of Harry Potter. Given the unprecedented success of that series I think most industries would have been happy with -0.5%. Let's face it: it's not bookselling that's in decline, it's Waterstone's. Some would argue that thanks to the internet there has never been a better time to buy a book. Access to published output can't ever have been greater can it? And [flawed though it may be] the likes of Amazon provide a bibliographic service to it's customers that Waterstone's was never able to match. Meanwhile Foyle's, by doing exactly what Waterstone's used to, appears to be going from strength to strength [http://www.thebookseller.com/news/119677-foyles-on-course-for-profit-this-year.html]. Basically from the internet onwards the city-suits that dominated Waterstone's senior management have misjudged the book market to catatrophic effect. In fact, I think that an argument could be made that it was Alan Giles' decision to ignore the potential of the internet as nothing more than a glorified version of the old mail-order business that effectively sealed Waterstone's demise. A different approach at a time when the brand was in ascendency could very well have seen Waterstone's as the UK's dominant internet bookseller. But that scenario is long gone. What we're witnessing now is the prolonged death rattle of an empire in terminal decline. A nyone who knows their Edward Gibbon will recognise the talk of "repurposing" shopfloor space, tweaking logos, and repositioning armchairs for exactly what it is - Nero fiddling with himself while Rome burns.12 Jul 10 19:22
By downbythebeach
@business as usal - the real decline is not in books bought, it's books bought on the high street. Waterstones might have missed its chance to be a dominant e-retailer, but it's the bricks-and-mortar (and, maybe, cinema) shops which would be a shame to see go, with the jobs that would entail. At least this is an attempt to get people in the door. At least it's better than another slogan.12 Jul 10 20:29
By Dani
I work in my local Waterstone's branch, and I really do love working for the company, but this is taking things in completely the wrong direction. It's inappropriate. A truly excellent bookstore 'does exactly what it says on the tin'; it just sells books. We already have stationary, DVDS and boardgames that shouldn't really be there - a cinema added to all this is complete overkill!12 Jul 10 20:54
By worried bookseller
Theres thinking outside the box and theres just plain stupid. I dont mind not getting a pay rise to save the company but is a mutli million pound refit for the top 20 stores and a cinema in a store that barely breaks even as it is a really good idea? Im sure the spend money to make money concept works in most cases but is this the way to spend the money?12 Jul 10 21:11
By Buff Orpington
Dani, if you love working for the company, I can only assume that you've never experienced anything better. Perhaps you're confusing the nice things about bookselling - the books and the colleagues - with the retail conglomerate that controls it. Or perhaps things really have changed. In many ways you're right - Waterstone's should be just about books and the reliance on "related product" seems pretty desperate. But in the case of Piccadilly, it was a huge mistake - a attempt to create a "flagship store" that would be the largest bookshop in Europe. Unfortunately the footfall is very low and the store's normally half empty. Also, the range was dreadful compared to somewhere like Foyles. As a bookshop it is a failure and a drain on the company, so throwing in a cinema is a stroke of genius - pass the loss onto someone else. But it could work.12 Jul 10 21:21
By Miss Clever Cloggs
A few months back Waterstones decided to cut over 200 jobs. Booksellers have had to struggle due to this decision. So how disrespectful and ridiculous is it that they decide to open a cinema in a BOOK store... BOOK. They are completely losing it....12 Jul 10 22:45
By Munchkin
"A few months back Waterstones decided to cut over 200 jobs." Wait, what? When did that happen? I work for W and heard nowt of that. I know I'm the voice of dissent here, but I love the idea of a cinema at Picc. Much like the champagne bar they're putting in at Deansgate up north. Imagine going and buying a copy of 'Blindness' and then being able to see the film right away? I think it could really work, actually. Much like a glass of champers after you do your shopping. I'm getting kind of sick of all the negativity in the comments here from current employees. If you're that upset with the company, why are you still working for them? Are you personally doing anything to help turn things around, or are you just whining about everything W tries to do that is a bit different and interesting?12 Jul 10 23:22
By rubadubrub
You all laugh but there are plans afoot for a wine bar and possible HMV concession in Hatchards...'Londons oldest and best bookshop' and soon to be renamed Hahahahatchards.13 Jul 10 00:55
By Francisco Sabate
A champagne bar in Deansgate? What an absolutely spiffing idea. So original and innovative, especially during the worst economic recession the country has suffered for decades. Go into Deansgate on any day and the shop is empty - of both customers and staff. In the evening there are usually only three staff on duty, which equates to one per floor. The main visitors to the store during the evening are shoplifters. I am told by staff that losses over the past year have been astronomical. As for champage for customers, in the glory days of Robert Topping the store could provide not only a free glass of wine for customers but also a substantial profit. Perhaps more importantly the staff felt valued and rewarded - and I must whisper the next phrase - " sssshhhhh - they had fun".13 Jul 10 07:37
By His Master's Voice
What is this "fun" thing you humans talk of? It does not compute.13 Jul 10 07:45
By Volvic Vicky
I think the negativity comes from the staff of a brand that is barely making a profit seeing money pumped into refurbishment, a cinema, and various other outlets... the old adage of 'You've got to spend money to make money' seems to be the new Waterstone's motto. Staff have been told they will get no pay rise this year, and I don't think any staff member disagrees with this and all see it as a potential way of helping the company, but when Waterstone's then announces something like this it is very upsetting and frustrating.13 Jul 10 08:21
By Howard
I always thought cinemas made their profit from sales of overpirced popcorn, drinks, etc and not the actual ticket sales.... so, where do Waterstone's see their profit coming from in this new venture? Will we see a Waterstone's-branded hot dog in the near future?13 Jul 10 08:22
By fandango
If any Waterstones head office people are reading this, I hope you realise that an awful lot of the the negative comments on this this website are coming from disgruntled ex-booksellers and not the current employes. This is not to say that we are all happy but we appreciate that the new management are trying and are actualy doing things that we have been shouting about for years and do not air our dirty laundry in public. This is not last year and I think most people think things are a lot better under the new management than the last one and so are happy to get on board and help. In regards to the cinema. It's a great idea. One of the main problems with 'w' is the large rental spaces versus tight margins and low footfall due to recession. I would imagine sales do not justify such a high rent for such a big floor space. Putting in a cinema makes use of that space and keeps that store open and follow that through...keeps us all in a job. Presumably the cinema people pay rent on that space which helps pay the overall rent for Waterstones, which helps keep profit and keeps the store open and the booksellers in a job. Plus it increases footfall and add on sales from cinema goers buying stuff on their way through. The problems with Picadilly are problems all the stores are having so you can either keep whinging and just have large bookstores where the overheads are bigger than the profits , with the result that we all go under and then you can complain about that. OR you can try your all to help keep it going, so that if the worse happens you can at least hold your head up high and genuinely say 'well I tried my hardest'. If Picadilly goes it bodes ill for all of us so lets get on board and try new things and be positive.13 Jul 10 08:25
By Howard
Obviously, that should read "Overpriced popcorn". It's early, leave me alone.13 Jul 10 08:27
By hmmm
"a cinema in a store that barely breaks even"....I think you just answered your own question. Concessions help pay the rent, increase footfall and keep us in jobs. It's a good idea for stores with massive overheads and floorspace. They could be taking a lot of money but still not enough to pay the rent and wages. IPicadilly is a prime piece of land, it won't be cheap. I'm sure the employees would rather have a cinema in than no job. Yeah it may cost money to put this in but how much would it cost to break the lease deal and close the store? And how much of the refit will be paid by Curzon cimena. And presumably they're paying rent to waterstones. When you factor in all this it's probably money well spent. HMV have trialed cinemas and it's worked so I say go Waterstones.13 Jul 10 08:40
By hmmm
and i'm guessing that Curzon will be selling the overpriced popcorn but the staff won't be complaining about that when they make bonus.13 Jul 10 08:45
By Paul The Predictive Octopus
I predict a good time for cinema-lovers and Waterstone's.13 Jul 10 09:12
By Dan
I think that incorporating a cinema into a branch of Waterstone's is a fantastic idea and can only serve to bolster book sales and will increase footfall into the stores. Surely the negative booksellers who have posted on this site can see the commercial potential of combined author / film / book launch events? I imagine that such events will also create a massive buzz in store and will add an element of excitement to the day-to-day bookseller duties?13 Jul 10 09:45
By Spencer
Dan: I think you miss the point. Yes, the Picadilly store may benefit, but at the cost to other stores. That's probably why most booksellers are fed up.13 Jul 10 10:15
By Elle
My main concern: will the shop smell more of popcorn than it will of books?13 Jul 10 11:31
By Inkozi
Two things. One, it is, potentially, a very good idea. Joint book/film events etc, and there is a certain synergy (horrible word, sorry) about having books & films under the same roof. Many heavy book buyers will also be regular filmgoers. Two, maybe I've missed something, but all these comments about how much it's going to cost Waterstones are missing the mark, surely? I would assume Curzon are renting/leasing the space, & covering the cost of fitting out the space (seats, screen equipment etc). All it should be costing Waterstones is a bit of floor space. Of which they appear to have ample in this particular store. Then they just collect the rent (& possibly even a share of the takings, who knows?). What's the problem?13 Jul 10 12:06
By Izzy
I work for Waterstone's (not the Picadilly branch) and think this is an awesome idea.13 Jul 10 12:22
By malcy
For those of you not familiar with the Curzon cinema chain they focus on foreign language subtitled and English language art house films, so a good fit to Waterstones customers. They are more mainstream at the HMV Wimbledon one however. In terms of profitability Curzon is owned by Artifical Eye one of the largest distributors of foreign language films in the UK so can put on their own product so helping profitability. Agree with the comments that the Picadilly store is a white elephant given how empty it is and no one buying the full price backlist. At least this will get in potential customers whilst using the space. They have also done well getting planning permission as a listed building, Is why they only have those small lifts and were unable to add escalators in the store.13 Jul 10 14:26
By Business As Usual
@ fandango: whilst I admire your loyalty to Waterstone's I wonder if it is reciprocated by the people you work for. Perhaps you should ask yourself what it means for a company to simultaneously announce large capital expenditure on property and branding whilst freezing staff pay. In order to hang on to your increasingly dissatifying jobs (present comapny accepted) you are effectively being blackmailed into subsidizing the poor strategic decisions of successive regimes (each I might add who were dispropprtionately well reimbursed for their troubles despite failing to make the decisions that would have secured the Company's future). It is clear that Waterstone's senior management despite their empty rhetoric about re-empowering the shopfloor do not envisage the shop staff as integral to any trading turnaround. A pay freeze effectively encourages the most capable to seek employment elsewhere, increasing staff turnover and impacting on the quality of service. Also, ask yourself: what is Waterstone's for? It no longer holds the widest range or offers the most diverse product choice, it cannot provide the best ordering service to compensate for this and it certainly is rarely competitive on price. Nor does it any longer employ the most knowledgeable and passionate booksellers (many of whom have migrated into the independent sector). Despite the (no doubt, justified) protestations some individuals might make on behalf of their own stores and colleagues, Waterstone's senior management got exactly what they wished for: the general public no longer sees them as any more special than every other bland, homogenized high street retailer. And the value placed upon staff has diminished accordingly. With the decline of Waterstone's position as an employer offering a fulfilling and financially rewarding workplace it's sole reason for existing now lies in providing a return for it's shareholders. And that will always come at the expense of the staff. Whatsmore, given the continuing parlous state of sales it remains to be seen whether they'll ever be able to meet the demands of the shareholders. So then what happens? But perhaps I'm wrong. In the short term we can certainly expect to see improved results at Christmas thereby embolstering the incumbent management team but beyond that?13 Jul 10 18:24
By Buff Orpington
Waterstone's is up against the wall. If it announced a pay rise for its employees, the shareholders would be up in arms. It would be better to try and secure more fringe benefits - sales bonuses, staff discounts and extra holiday in lieu of pay. If employees feel valued, they'll put up with a lot more. As far as Piccadilly is concerned, there seems to be some confusion. Watersone's is not spending vast sums of money on some hairbrained scheme - they're passing the risk onto another business. On the contrary, they're more like a householder who can't keep up with the mortgage payments and has decided to take in a lodger. The Curzon cinema experiment might mark the difference between profit and loss, in Piccadilly, at least.13 Jul 10 20:36
By Captain Sensible
An interesting idea as having worked at that branch there is a lot of space and too much stock and there could be times on the upper floors where it could be very quiet. I'm surprised they got planning permission though as surely they'll have to commandeer at least two floors to accomodate a screen and raked seating.13 Jul 10 20:48
By Spy
Every time I go to the cinema to see a film, why is the audience only enough to fill about a quarter of the seats....... Could this be over supply13 Jul 10 21:19
By Desdemona
I thought the company wanted to focus more on being the last remaining bookshop left on the High Street? We should be focusing our energies on how to perfect our book knowledge, our computer systems and how to get more people to fall in love with books. Not sure a cinema is the best use of time and money. We're biting off more than we can chew with this. Still, you never know, could work......13 Jul 10 21:19
By Reality check
Hooray for Malcy and Buff Orpington. And Business as Usual is bang on the money: the decision not to stick with and develop an online presence was a monumental error of judgement. And I still have a newspaper clipping of the eye-watering payout Alan Giles got when he left. Puts my FOUR year pay freeze (don't forget the long-suffering level 5s) into perspective!!13 Jul 10 22:45
By Unimpressed Cineaste
Tescos don't cut your hair or bury you-there's scope for development there guys....14 Jul 10 09:38
By Bets
I think this is a great idea - they already have a lovely wine bar where I tend to take all my book related meetings as you can usually find a free table and space enough to have a conversation (though it's hideously overpriced). To add a cinema to that, in this HUGE retail space where customers are few and far between is a great idea. I'd much rather go to see a movie in the bookshop environment, than elbow my way through the tourist crowds at Leicester Square. If this is the way to keep the Piccadilly store open, go for it!14 Jul 10 10:54
By Sarah - Publisher
I think it's a good idea as it attracts people to the store who aren't just going there for books, with the overall outcome to increase book sales. They will need to seriously look at pricing as I barely go to the cinema anymore unless there is a deal on, due to the astonishing prices. If it's cheaper to see at film somewhere like a bookshop, I would be more than happy to go. Obviously there's the option of combining film and book deals.14 Jul 10 14:06
By Just another number at waterstones
Sarah ------ You don't work for little 'w' this is going to make staff life hell ------- 3 for 2 on selected films when you spend more than £50.00 on selected books and collect triple points on you loyalty card. You don't have a loyalty card! Thats ok just fill this form in and you can start earning points now - but only if you have a selected coffee and cake in the cafe with cream ---------- and oh did i forget ----- we have a special offer on 101 way to cook toads for a special offer price of only £9.99 Normal RRP £37.99 when you spen £75.00 or more on selected 'out of print books' on toe nail cutting ---- would you like a bag with your purchase! ------- Don't forget your popcorn ----- and have a nice day ------14 Jul 10 16:41
By vertrauen
" Imagine going and buying a copy of 'Blindness' and then being able to see the film right away?" Yes, imagine! Or: imagine going to a bookshop and buying Blindness and reading it, then deciding if you want to watch the film at a later date. If you want to do this, you can go to a cinema and do so. Waterstone's is a much nicer place to work for of late, alot of what Myers has proposed I've given him the benefit of the doubt as he seems to be doing what I would have suggested for the company back in the bad old days. But this is worrying.14 Jul 10 21:45
By Captain Sensible
They could always locate it in the basement and just show "Titanic" on an endless loop! The dank surroundings would add to the ambience.14 Jul 10 23:02
By SKB
I work at the Piccadilly Branch and I have to say that it's an exciting project for the store and the whole staff are behind it! It's about Waterstone's experimenting- because clearly the old business model wasn't working- and being different from other book retailers: the x factor. It's a great opportunity to draw in new customers in a peak tourist area. Go Piccadilly!15 Jul 10 21:45
By Captain Sensible
@SKB I agree with your sentiments that Waterstone's should be trying new things in order to draw in new custom in this tough environment. However there is not exactly a shortage of cinemas in that area of London. Unfortunately that branch is somewhat of a white elephant with the money it haemorhages in rent, running costs and upkeep. The most cost efficient solution would be to close it and redeploy the staff but as it is the prestigious flagship store it would be involve too much loss of face for HMV and be akin to running up the white flag.15 Jul 10 22:29
By A Loyal Waterstones Employee
Firstly, to the small number of w employees (often using multiple names) who are consistently bombarding any Waterstones stories on this site with nasty, negative, unproductive, antiquated comments please support the Book industry by immediately resigning and allow those of us (and there are a lot) who like, want and need our jobs to get on with helping to put us back on track. When will you understand that we can't go back to the 'good old days' as that would be the last nail in the coffin? Change is inevitable and EVERY company has to embrace change no matter how hard it is to overcome the current financial difficulties and we can’t be any different. So either, support it, suggest realistic alternatives or move on. Secondly, I am not a Senior Manager and don’t work at Brentford and am more than happy to put my real name on these blog’s if you wingers are prepared to do the same and I don’t want the usual b******s that you are afraid of management response. As long as we are all adult about it and refrain from personal attacks then there can be no come back. So over to you……29 Jul 10 09:10
By Mary A Jackson
@A Loyal Waterstones Employee..... If you are more than happy to use your real name why haven't you?...... Oooooh I have just done so baby.......29 Jul 10 21:50
By Derwood
Borders started with concessions (Paperchase) and increased concession space where possible throughout its UK history. It failed regardless of that strategy. I don't believe the Curzon Cinema will be paying so much money in capital investment and rent that Waterstones Piccadilly will as a result become a profitable store for the group if it is not so currently. But I'm sure the Waterstones execs will be happy to be invited to the indie premieres shown there and elsewhere within the chain and be able to tweet that they met Marion Cotillard or whoever last night!30 Jul 10 00:16
By Jonny du Lump
As a 25 year veteran of west-end film-going let me just point out that this isn't going to work. I have watched decent cinemas close (the Lumiere, the old Curzon Phoenix, the Cannon Piccadilly just a few doors down from Waterstone's/Simpson's which was a bit of a hole but the film programming was exciting and eclectic) beacuse the market just wouldn't support the diversity of product that was being pumped out. The only 'new' cinema to open in central London in the last 10 years was the Apollo in Regent Street which -structurally -is stunning but the films are (mostly) crap and the staff some of the rudest I've ever encountered, I've a lot of time for the Curzon chain, but their 'Soho' cinema is 5 minutes down the road and hardly a hive of excited activity. To the best of my knowledge there isn't a decent lido in W1, maybe the thinkers outside the box could look at that instead.01 Aug 10 14:09
By me
waterstones were freezing pay back in the 90s, like "Business As Usual" says they lost the internet battle and diluted the brand with the 342 half price paul o'grady Ant n Dec years, now its a retail recession and im afraid the wars lost, HMV itself will probably be a chain of live music sites in 5 years, bye06 Aug 10 14:17
By Mad For It
How awful. It's the only Waterstones i'll set foot in. It looks like i won't be doing this for much longer.11 Aug 10 12:05
