Just as online retailers have threatened many stores’ rush sales, so too have rogue buyers begun invading campuses during buyback. The most proactive industry leaders, however, understand that just because these buyback predators arrive, doesn’t mean that they have to stay and have started fighting back!
For example, with an alarming increase of buyback predators on their campus, University Co-op decided to take a hint from their football team, the Longhorns, and play strong defense.
“During our last major buyback, there was an incredible amount of buyback predators present at the University of Texas,” explained George Mitchell, the President and CEO of the stores. “In all, there were 16 other locations where students could sell their books, including several other bookstores serving this campus.”
Determined to maintain market share, Mitchell knew he had to take action. Almost immediately, he realized his advantage over these predators and devised a strategy to fend them off.
“I wrote a letter to the mayor concerning how much the Co-op pays in city taxes annually,” Mitchell said. “I just explained how these buyback predators don't pay taxes, don't have permits to sell on the sidewalks where they were located and, therefore, do nothing for the city coffers.”
Hearing Mr. Mitchell’s point loud and clear, the City Council responded without delay, sending the Department of Transportation to inform each of the buyback predators that they must leave the premises by the following day.
“The City Council was more than willing to help with the issue, all I had to do was ask,” he added. “They even gave me a number to call, should the buyback predators return, and have assured me that they will not grant permits to any other buyers.”
Although they have not yet seen the results of the experience, University Co-op is confident that, without these predators’ presence, they will continue to have strong buys.
“You have to be persistent,” Mitchell advised. “If you encounter a similar situation, don’t simply accept it. Find a resolution and go after it!”
How do you keep buyback predators off your campus? Share your tips and tricks with others in the industry by commenting below!
