LifeWay shared this video at the SBC Annual Meeting which explained why they had to close the brick and mortar stores. I know there are people who are upset about that decision, but this video makes a compelling case.
This is the way all such decisions can and should be handled. LifeWay gave the straight scoop to the messengers – gave us the hard, cold, and yes, ugly facts. Can anyone listen to this and say they did the wrong thing?
Thank you, LifeWay, for trusting the messengers and being transparent on this issue. Thank you, Brad Waggoner, for your leadership during this interim.
I agree, the video did a great job of laying out the situation. Good communication and transparency on that.
Yes. It was much better than the rest of their report which seemed like an ad for Bible Studies for Life and was way too long.
No comment.
SO totally no comment.
If ever asked, i can immediately respond to: what was the worst presentation of any kind you ever had to sit through.
Jehovah witnesses are now a distant second, meh
I’ll comment. Credit someone with making a decision after LifeWay was found to be losing over $52,000 every day on their stores.
I agree WT
Hopefully, churches will make a few materials available for those seeking such. Maybe a table with several different titles for sale
Does anyone really see Lifeway prospering in the online format as a bookstore? Sure, they will sell the Sunday School material, VBS stuff, and the music tracks, plus the other church related things (background checks, etc.), but will people really buy a regular Christian book from them? Or a Bible? Why pay the shipping? I don’t see it happening.
They may not become a big online retailer. But it has to be easier to be profitable there for them given what they have said about losing money at the brick and mortar stores.
Well, I guess that depends upon what prosper means, huh. I guess if it means do better than losing $19 million a year, they will do well. I just don’t see how they will effectively sell Bibles and books to people individually like they did when they had a physical bookstore. Now, churches might buy in bulk Bibles from them, for example, to give/sell to new converts. They might sell thru Walmart. But they won’t sell directly on-line to people. Look, I lived in the same city as a Lifeway bookstore. I get that they were losing money massively. But… Read more »
My guess is that most people already make these purchases online. And as he said, they are looking at partnerships with existing stores to put CSB and other products in stores.
Yep, its all good.
There won’t be a lot of overhead operating an online bookstore. Even if a small minority churches are the only ones who buy books through Lifeway’s website, it would be enough to break even. At this point, a place like Lifeway wouldn’t even have to keep the books in stock. They could be stored and shipped through a third party. At this point, I think Lifeway is keeping an online option as a benefit to those who prefer to use them over Amazon, etc. (even if though they have to pay shipping).
I was told by our local rep that they are working on free shipping for certain purchases. He speculated it will expand as time goes on. Also, he told me about the “Authorized Distributer Program” for LifeWay and B&H, which gives churches discounted rates to offer them in your location. The problem is: 1) is the discounted rate significant enough? 2) apparently you have to establish a “bookstore.” I’m not sure of what that means, exactly
I could be wrong (seeing as I do not know you) but consider that you may be suffering from a generational disconnect. I am very close to the gen-x/millenial generational boundary. And while I would be an exception, very few younger than me ever bother going to bookstores (or most other non-grocery stores for that matter). The vast majority of their purchases are online, especially now that places like Amazon can have items shipped to you in as little as 2 days. I personally have a Prime account so in addition to the digital streaming, I get free 2 day… Read more »
Dave,
Hum, kinda tongue and cheek here but you know Lifeway revenues could have been helped if “ Critical Race Theory for Dummies” or “ Intersectionality for Bible Students” were available at its brick and mortar stores before Birmingham. The availability would have helped the messengers before they voted.
I am sure the Convention will put something out on CRT before the next annual meeting.
Woody
go to Southeastern Baptist Theological seminary’s Kingdom diversity now website. There are several articles about it, including a 6 article summary of why CRT is not unchristian. Read it and you’ll understand why a certain crowd wants to use it for “analysis.”
Mark, Thank you I will.
woody
I want to speak feel clearly on this issue if I may, because it seems that important and relevant observations have been missed. As of 2001, Lifeway had about 100 stores and 1500 employees. By the end of 2005, they had about 140 employees and were highly profitable. Their balance sheet was in excellent shape with little debt. The pension was fully funded at that time. Profits fell sharply in 2006 as Lifeway continued to expand. The store expansions continued and Lifeway was soon in the red. Lifeway continued to expand despite larger and larger losses. These losses were financed… Read more »
Scott, thank you for saying this. I suspected something similar from the report and data, but didn’t want to write it.