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Thursday July 24, 2014

NY #Bookstores Find #Crowdfunding Success

Bookstore

(Photo credit: Martin Cathrae)

When its subtenant The Cupcake Cafe closed, it put Books of Wonder in a difficult situation, leaving the Flatiron bookshop with an additional 40% of additional rent. The $32,000 monthly rent drained the store’s resources. According to Crain’s New York Business, owner Peter Glassman started a crowdfunding campaign to keep the bookshop open.

Books of Wonder used Indiegogo to raise $100,000. In exchange for donations, they gave artwork and books. By the end of the campaign the store raised $59,559 through the crowdfunding site and another $40,000 from direct donors. Glassman also found a new tenant. St. Mark’s Bookshop struggled with high rents too, so it launched a crowdfunding campaign on Lucky Ant.  Locals also successfully petitioned against a rent increase.

WordUp and La Casa Azul Bookstore both used Indiegogo to raise money for their shops. But sometimes crowdfunding isn’t the answer. Marva Allen, owner of Harlem’s  Hue-Man bookstore, which closed in July, told Crain’s that crowdfunding wasn’t a long term solution.

Crain’s New York Business