Posted on December 3, 2007
College bookstores beware — bookthief.com, a national Web site designed to bring textbook-buyers and sellers together, is letting students pick their prices.
The Web site serves as a national database where students can buy and sell used textbooks to fellow classmates. Referred to as a textbook black market, the site is used by 3,200 colleges communities across the U.S and Canada so far and plans to eventually encompass all campuses nationwide.
Its goal is to provide a service that will bring competition to the college textbook market and consequently force bookstores to lower their prices.
“As a financially independent student paying for my own books, it can be really tough sometimes with prices being so high,” freshman Liz Lahayne said. “It’s a relief knowing that someone is trying to help us.”
Some students think the Web site could affect bookstore revenue.
“Lower prices mean competition for bookstores, and they’re going to have to soften their prices too if they want to continue making a profit,” sophomore Amanda Nessenbaum said.
The college textbook market has become a virtual monopoly because of a lack of competition, and book prices have risen as a result, growing at double the rate of inflation over the past 20 years, according to the Association of College Bookstores.
The University Outpost, however, remains confident that its customers will continue to buy from it.
“Competition is always good,” owner Jess Wolter said. “There are already plenty of places that regulate prices. I wouldn’t think anything more of it than any other type of competition that’s out there.”
The University Bookstore’s director said he felt similarly.
“Our experience with these other Web sites is that they claim good prices, but the availability isn’t usually there,” said John Rheault, director of the University Bookstore. “Sometimes our prices are a little higher, but our stock is always there, so it’s a convenience factor.”
Rheault thinks the lack of availability of pre-owned textbooks will keep students coming back to the University Bookstore regardless of its higher prices and lower book return rates.
“Textbook prices have been high forever, and it’s not often up to the bookstore to determine prices,” he said. “That always comes from the publishers.”
The Web site boasts an easy-to-navigate interface. Shopping on Bookthief.com one can narrow the search down to their specific college or university, meaning no shipping and handling charges or waiting around for books to arrive in the mail. All transactions can be done on campus, and after paying a one-time start-up fee of .99 cents, students can post classified-like ads for wanted books or for-sale items.
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