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Once upon a time, not too long ago, people in Canadian bookstores were getting into fisty cuffs over book prices. You see the Canadian dollar began to soar to heights previously unknown. The problem is that in Canada books are marked with American prices and Canadian prices. The American price is always much lower than the Canadian price. (For example, a $3 difference for the average paperback.) It seemed as though Canadians got a bit tired of getting stiffed with unreasonable prices. And so they began throwing books back at Canadian booksellers when they wouldn’t give them the American price (in Canada). It seemed as though some folks forgot that just because the Canadian dollar was currently higher than the American dollar, it did not mean that we all got to pretend we were suddenly Americans in American bookstores and should be getting American prices. Nobody thought about the fact that these books had likely been purchased while the Canadian dollar was low and that there are usually increased costs in deliverying a book to Canada, both accounting for a higher list price. Plus, there is also the small fact that the Canadian dollar would not remain on the top of the heap forever. Eventually some books began to reflect the high Canadian dollar in regards to price and some booksellers honoured the American price from time to time. Yet, in the back of our minds, we knew it wasn’t something we could enjoy forever.

And now the time has come. The Canadian dollar, according to Publishers Lunch, has declined to its lowest point in three years. So what does that mean for booksellers and book buyers in Canada? Well, book prices are going to go back up, right?

“The plunge has been so quick that it leaves little time to react heading into the holiday season. Harper Canada ceo David Kent says that “there is a mad scramble to reprice US imported books; the difficulty is that there has been a yo-yo effect on the exchange rate” making it hard to set a new price level.” (Publishers Lunch, October 22nd, 2008.)

“If the Canadian dollar does not rebound soon more systemic repricing will be necessary though for now most executives have a wait-and-see approach. Davidar says “we’re being cautious about taking any new pricing decisions until we have a better sense of where the dollar will be in a few months’ time.” Practically speaking, broad repricing takes time. “It takes us from four to six months to change the prices on front-list titles; backlist would depend on when titles come up for reprint.” Hanson says “we are being careful about jumping too quickly. We don’t anticipate any changes through this holiday season.”" (Publishers Lunch, October 22, 2008.) That means lower prices still in effect! Yippeee!

“As Random House Canada president Brad Martin points out, consumers should be the winners in holiday buying.” [Yes!] ”"Books are even a greater value now then they were a month ago. This is a message that the entire industry in Canada should get behind as we move into the fall gift giving season.” With publishers’ margins taking a big hit, even more rides on those holiday sales. “We will have to sell more books to make up that shortfall,” Martin adds.”

So what is the moral of this story? Go buy some books! Forget about other gift ideas, books are where it’s at. To save the publishers, buy everyone on your Christmas list a book this year. I think I will.

Tags: book news //