Wal-Mart Stores, Inc. (NYSE:WMT), the world largest retailer, has benefited from the book contract dispute between Amazon.com, Inc. (NASDAQ:AMZN) and Hachette Book Group.
The details of the contract negotiations between Amazon.com, Inc. (NASDAQ:AMZN) and Hachette Book Group is private. The e-commerce giant emphasized that it is negotiating the terms of its contract with the book publisher on behalf of the customers. The New York Times reported that Amazon is demanding deep discounts on Hachette’s books.
Wal-Mart’s book sales increased 70%
The book sales of the world’s largest retailer increased 70% since the contract terms dispute between the e-commerce giant and the book publisher erupted. Amazon.com, Inc. (NASDAQ:AMZN) stopped accepting pre-orders for the upcoming books penned by best-selling authors J.K. Rowling and Michael Connelly.
The soon-to-be-released book titled “The Silkworm,” a crime novel written by Rowling under the pseudonym Robert Galbraith, is listed by Amazon.com, Inc. (NASDAQ:AMZN) on its site as “currently unavailable.”
Amazon.com tells customers to search for unavailable titles elsewhere
Last week, the e-commerce giant issued a statement that it is “not optimistic” that its disagreement regarding the terms of its contract with Hachette Book Group will be resolved soon. The company advised customers to search for unavailable titles elsewhere. The Silkworm is available for pre-order at Wal-Mart Stores, Inc (NYSE:WMT) for $16.80.
Wal-Mart’s commitment to customers
Wal-Mart is also offering discounts on books written by James Patterson, David Baldacci and Chelsea Handler. All these books were published by Hachette Book Group.
“We’re committed to making it easy for our customers to have access to a broad assortment of the products they want, at the low prices they want — including copies of their favorite books that they might not be able to get elsewhere,” according to Wal-Mart Stores, Inc. (NYSE:WMT) in an e-mailed statement to CBS News.
Separately, Wal-Mart Stores, Inc. (NYSE:WMT) announced the promotion of Shelley Broader, currently serving as president and CEO of Wal-Mart Canada to executive vice president, president and CEO of Wal-Mart EMEA.
Broader will lead the retail operations and business development of Wal-Mart Stores, Inc. (NYSE:WMT) in Europe, Middle East, Sub-Saharan Africa and Canada in her new role. She will report directly to David Cheesewright, president and CEO of Wal-Mart International.