Former Barnes & Noble Chairman Reggio, Who Built America's No.1 Bookstore, Passes Away at 83

Leonard Riggio, former chairman of the board who grew Barnes & Noble into the largest bookstore chain in the United States, passed away on the 27th (local time) at the age of 83.

[Image source=AP Yonhap News]

Riggio's family stated in a press release that he passed away "after a brave battle with Alzheimer's disease." Barnes & Noble also expressed condolences, saying, "His leadership spanned decades, growing the company and fostering an innovative culture and a love of reading."

Riggio acquired the Barnes & Noble brand and its flagship store on Manhattan's 5th Avenue for $1.2 million in 1971 and grew it into the number one bookstore chain in the U.S. He served as chairman of the board until the company was sold in 2019.

During his tenure, he acquired hundreds of stores and implemented a large-scale hardcover book discount policy based on economies of scale. He also transformed bookstores into community hubs where people could stay for a long time by adding cafes and comfortable reading spaces inside the stores. In a 2016 interview with The New York Times (NYT), Riggio explained, "Our bookstores were created with a welcoming atmosphere," adding, "They are not places for elites. You can come in, have a cup of coffee, sit down and read as much as you want, and use the restroom." In 1993, he also pushed for Barnes & Noble's public listing.

However, he faced criticism for aggressively expanding and threatening local small independent bookstores, causing many to close. By the late 1990s, one in eight books sold in the U.S. was sold at Barnes & Noble, demonstrating its influence. The famous movie You've Got Mail even used Barnes & Noble as the model for the aggressive bookstore chain "Fox Books." But with the rapid growth of online bookstores like Amazon, Barnes & Noble also faced crises such as halving sales, and the company was eventually sold to the hedge fund Elliott Advisors in 2019.

Born and raised in New York, Riggio worked at a college bookstore while attending New York University. He dropped out in 1965 and opened his first bookstore, SBX (Student Book Exchange).