Were you shocked by the tab for your textbook purchases this semester?
If so, you're one of several million students frustrated by sky-high prices and lack of availability of used books, a situation driving many students to seek alternatives or to brave taking classes without owning the required books.
According to Marvell Bond, pricing manager at the Tiger Bookstore on Walker Avenue, textbook prices have tripled over the past ten years, far outpacing the growth of other education-related expenses. On the other hand, prices of typical retail books at major booksellers, such as Barnes & Noble, have remained constant.
The Daily Helmsman surveyed prices of several popular introductory course books at the University of Memphis Bookstore, the Tiger Bookstore and two popular Internet textbook sites -- VarsityBooks.com and Amazon.com.
The results indicate the prices at the University Bookstore and the Tiger Bookstore are very similar, both to each other and to the prices quoted by the online vendors. In fact, Internet retailing giant Amazon.com had the highest prices of the four vendors surveyed.
The bulk of the price- increase pressures in the textbook market have resulted from higher book development costs and lower demand -- driven by competition from sellers of used books, according to Bond.
The University of Memphis Bookstore adheres to the National Association of College Stores guidelines that set retail pricing guidelines for more than 75 percent of all books sold. Prices are updated monthly, and mark-ups average 20 percent -- substantially below typical retail margins. In exchange, college bookstores have favorable return terms, allowing them to return unsold books to publishers if sales do not meet enrollment projections.
According to Steve Word, a manager at The University of Memphis Bookstore, it's actually more profitable for the bookstore to buy books back directly from students at 50 percent of full retail price, and then re-sell at a used book price, which is usually 75 percent of original retail price. This generates savings for the bookstore by avoiding costly shipping charges, and gives students a price break as well.
However, publishers have adapted to the growth of the used book market by constantly churning out new editions.
"A few years ago, new editions would come out about every five years," Word said. "Today, regular editions come out like clockwork -- every two or three years. When new editions come out, used copies of old editions become nearly worthless."
Instructors often cite updated software and study guides in new editions as main reasons for switching editions.
"There is no conspiracy between the faculty and publishers in the process of updating textbooks," journalism professor Elinor Grusin said. "There are some subjects that really need changed books every two or three years."
The constant influx of new editions has reduced the demand for used books. When there is no guarantee of demand for a given book in the upcoming semester, bookstores pay students the wholesale value of books, instead of applying the typical "50 percent of retail" formula.
Hence, it has been increasingly difficult for students to get a lot of money for used books during book buy-backs.
"Last semester I wanted to sell back my $110 Chemistry textbook, but the bookstore offered me only $30 for the book," said Laura Mallozzi, a University of Memphis student. "I just ended up keeping the book."
In order to combat these trends, The University has established the Bookstore Advisory Committee composed of students, faculty and bookstore management. The committee, which had its first meeting in November of 2000, aims to bridge communication gaps between different parts of the campus community and to better coordinate used book buy-backs.
"We are here to serve the campus community," said Word. "We want lower prices and more used book choices because that is what our customers, the students, want."
