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Show T V , 11 11. H DAILY E Af Wff W3T V UTAH CHRONICLE ..a fv "-- 4 - 1. 1 "X., ALEX LEE Chronicle Feature Writer It is Martin Luther King Jr. Day weekend, and Lyndsey Kocher is spending her Saturday morning reading in the A. Ray Olpin University Union. She and a classmate split the cost of a textbook, and it is her turn to use the book. "It's worth the inconvenience," said Kocher, a senior studying journalism. As many college students have surmised, textbook prices have increased faster than inflation in recent years. The average price of a new textbook rose more than 7 percent to $68.15 during 1999- - University Bookstore Continues to Court Student Wallets and Combats the iz Relatively Unscathed E-B- ket. Based on the fact that 95 percent of all lege students use the Internet, these Internet upstarts had hoped to drum up sales by promising lower prices and greater convenience. But the new entrants have been struggling. Bigwords.com shut down its Web site in October. Despite sales of $9.8 million, lost more than $31 million in 1999 n and had to recently diversify into businesses. "There's not as much profit in textbook sales as people think," said Earl Clegg, director of the University Bookstore. Clegg said the margin in textbooks is low compared to other retailing businesses. According to a survey done by the National Association of College Stores, the average margin for new textbooks is about 23 percent. For used books, it is about 34 percent. After subtracting Operating and personnel expenses, the average net margin of university bookstores is about 4 percent. The most popular way for students to cut textbook expenses remains to buy used books. Dallen Herzog, a sophomore in mechanical engineering, estimated that he saves about $200 each semester by buying used books. "I buy used books whenever I can," Herzog said. Because of the demand, the U Bookstore is on a campaign to increase the availability of used textbooks. Comparing the Fall 1999 semester to the Fall 2000 semester, the U Bookstore has doubled its used textbook purchases from $1.15 million to $2.33 million. To make the increase of used book purchases possible, the store has been encouraging instructors to submit their lists of required textbooks as early as possible. These lists are called "adoption information" in the textbook industry. Getting the adoption information on time often determines how many used textbooks end up on the shelves at the beginning of the semes col- Varsity-Books.co- To lighten that burden, students are looking for alternatives to the traditional bookstore. Large markets, such as Boston and New York City, can support local booksellers that can successfully compete with university bookstores for textbook sales. But in Salt Lake City, the most recent experiment, Utah Textbooks, an independent outlet run by students, went broke. Online bookstores are a relatively recent us entrant into the billion book $5.8 text- mar- - m higher-margi- If the instructor submits the adoption later than three months before the beginning of a semester, the store cannot buy used books for that class. Although the U Bookstore is buying more used books, the buyback prices have stayed the same; and this remains a sore spot for many students. Jessica Wilkes rolled her eyes when she talked about last semester's buyback. "I sold five or six books for $30" said the senior in linguister. tics. ome have given up on buybacks altogether and keep the textbooks for reference. "It is worth more to me than to them," said one student who was offered $30 for four texts. She decided to keep the books. "Very few things have any value after you're finished with them, and having the opportunity to sell your textbooks is a plus," said Doug Alexander, vice president of strategy at an that sells and buys used textbooks. As in any other commodity, Alexander argues, the law of supply and demand deter-minused textbook prices. It is a hard reality for some students. Publishers push out new editions of textbooks continually, and instructors change textbook requirements often, driving down demand for used textbooks. "I think the University Bookstore should not sell a book that will be outdated the next semester," said Farelle Walker, a disgruntled sophomore studying sports psychology who received $17 for a $64 book. The University Bookstore maintains that it always pays 50 percent of the retail price eCam-pus.co- lor a book that is 1 used the following semester and sells it back at 75 percent of the retail price. If a book is not used the fol lowing semester, the store lets a national wholesaler decide on the buyback price. Follett is one of the biggest national wholesalers of textbooks. Cliff Ewcrt, vice president of public campus relations, said Follett pays between 20 to 30 percent of the retail price for a book that is not used on campus the following semester. "We buy on the speculation that they would be used somewhere," Ewert said. Very often, the wholesaler cannot find a market for the used books and ends up writing them off. It is a risk premium that students are paying, Ewcrt said. In years past, dissatisfaction with buyback prices has led students to organize campus book swaps. Clegg has seen four campus book swaps during his 14 years at the U Bookstore. Three of es see BOOKSTORE, page 8 'fXS ' i - The CHRONICLE U Bookstore strives to carry as many used books as possible. FEATURE EDITOR JAMES GARDNER Average textbook prices have risen significantly in recent years. JGARDNERCHRONICLE.UTAH.EDU 581-704- 1 |