BUSINESS

Indigo Expansion: Book Retailers To Open Stores Outside Canada, CEO Heather Reisman Says

06/25/2013 11:55 EDT | Updated 08/25/2013 05:12 EDT
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TORONTO - Indigo Books & Music Inc. (TSX:IDG) says it plans to open brick and mortar stores outside of Canada in about two years.

But chief executive Heather Reisman declined to provide any details at the company's annual meeting on which markets the retailer is considering.

At its annual general meeting Tuesday, Indigo also said it has partnered up with Apple and will begin selling products such as iPads and Apple TV in 40 stores in 2014.

The company has already begun selling some of its products at its store on The Queensway in Etobicoke, Ontario.

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Indigo said it plans to revamp many of its large format stores, turning them into a series of smaller shops — including its existing Indigo Kids brand, as well as new labels such as Indigo Tech and Indigo Home.

The book seller has been trying to boost its profitability by stocking more high margin products such as gifts, toys and lifestyle items as consumers shift more towards digital reading.

Ebook sales made up 15 per cent of the of the overall book market in Canada in 2012, according to a report by BookNet Canada.

The retailer recorded a $8.2 million loss for the quarter ended March 30, compared with a profit of $125 million a year ago when the company sold its stake in Kobo Inc. to Rakuten.

Indigo operates under several banners including Indigo Books, Chapters, the World's Biggest Bookstore and Coles.