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Jul 11, 2019

Indigo maintains global brand ambitions despite challenging year for bookseller

Indigo

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TORONTO - Indigo Books & Music Inc.'s (IDG.TO) CEO says the company is changing up its strategy after a challenging year for the bookseller, but still maintains its ambition to grow into a global brand.

Heather Reisman says a number of negative factors compounded to create disappointing financial results in its most recent year, including a prolonged Canada Post strike, as well as store renovations and relocations.

The bookseller opened its first American location in New Jersey's Short Hills mall, which Reisman says has a long history as a top mall in North America.

Reisman says that Indigo has seen declining foot traffic there and is re-evaluating its real estate strategy in an effort to better meet consumers where they want to spend time.

She says the company will use this year to advance a number of things it's working on and will probably be on track to open a couple stores next year as it remains focused on making Indigo a global brand.

She made the comments at the company's annual general meeting of shareholders in Toronto.