www.isubookstore.com
MEMORIAL UNION ■ AMES, IOWA■ 50011-1131
A NOTE FROM OUR DIRECTOR… Because our store is owned and operated by Iowa State University, our profits are reinvested back into the campus we serve, providing financial support for facilities and programs that benefit Iowa State students. When purchases are made at the ISU Book Store, patrons are helping support programs and services that enhance the total student experience. In addition to supporting student scholarships, organizations, and student employment opportunities, the bookstore provides donations and contributions to support Alumni Association events, New Student Programs, Student Veteran’s Center, Farm Progress Show as well as financial support of the Memorial Union, Iowa State Fair, and Dance Marathon, just to name a few. A part of the Division of Finance and University Services, the ISU Book Store aspires to achieve success through our underlying principles that form the basis of our daily operations and decision making: • Student Centered Services – we seek to provide opportunities for valuable work experience through a strong student employee workforce. • Diversity – value all identities and celebrate richness of difference and diversity while building and preserving an environment that promotes inclusion and equality. • Partnering – partner with and provide resources for our students, campus organizations, academic and administrative departments, and businesses in the community we serve. • Innovation – We strive to be at the forefront of providing innovative tools for students to achieve success. With progressive technology, we must discover and administer new ways of distributing information. We challenge ourselves to embrace change and provide the best for our academic and campus community. • Stewardship – We are trustworthy stewards of student and university resources. We monitor and control our inventory to create the optimal sales-to-purchase ratio. We also monitor and control our operational and personnel expense ratios where we are the well below the industry average in the country. • Excellence – We take pride in our performance as a leader in the college bookstore industry. Our GIFT customer service philosophy is noticed and respected among our customers while we work hard to provide relevant, innovated, and desired products.
Rita Phillips, Director
Iowa State University Book Store
IOWA STATE UNIVERSITY BOOK STORE “The ISU Book Store is a vital part of our diverse academic community. As a university owned and operated business, the bookstore furthers our mission to serve every student, faculty and staff member at ISU. Recognized nationally as one of the nation’s most innovative and cost-conscious stores, their implementation of Immediate Access (digitally delivered course materials) and online price-comparison tools are just a few examples of how they have realized significant savings to our students while continuing to provide innovative products and services to those they serve. “
Pam Cain, Interim Senior Vice President Finance and University Services
ISU BOOK STORE BY THE NUMBERS 3 BUSINESSES UNDER 1 ROOF PERCENT SALES BY DEPARTMENT 51% Course Materials
29% Technology
20% General Merchandise
E-COMMERCE GROWTH
87.5% in-store sales
12.5% online sales
75.5% in-store sales
24.5% online sales
12% INCREASE IN ONLINE SALES FROM 2016 TO 2017 2016-2017
2017-2018
OPERATIONAL EXPENDITURES Expenses a business incurs that are not directly associated with the production of goods or services. ISU Book Store = 15.1% Industry* Average = 27.7%
BELOW INDUSTRY AVERAGE BY
12.6%
GROSS MARGIN RETURN ON INVESTMENT The ability to turn inventory into cash above the cost of inventory by maintaining sales, expenses, inventory, and retail turnover. ISU BOOK STORE = 2.47 INDUSTRY* AVERAGE = 1.62
ABOVE INDUSTRY AVERAGE BY
0.85%
NET INCOME RATIO The remaining profit after costs of production, administration, and financing have been deducted from sales. This ratio shows how well a business uses its working capital. ISU BOOK STORE = 14.1% INDUSTRY* AVERAGE = 3.6%
ABOVE INDUSTRY AVERAGE BY
10.5%
PERSONNEL EXPENSE RATIO Measures the contribution of labor to the generation of income and the formula is calculated by total personnel expenses/net sales. ISU BOOK STORE = 8.7% INDUSTRY* AVERAGE = 16.5%
BELOW INDUSTRY AVERAGE BY
7.8%
SHRINK RATIO Loss of inventory attributed to theft, shoplifting, vendor fraud, administrative error, damage in transit or in-store and cashier errors that benefit the customer. Retailers strive for this number to be below 1%.
BELOW INDUSTRY AVERAGE BY
0.40%
ISU BOOK STORE = 0.02% INDUSTRY* AVERAGE = 0.42% *Industry average derived from Independent College Book Store Association data
LEADING THE WAY IN AFFORDABILITY PRIORITY FOR STUDENT SUCCESS Although some studies like the NACS Student Watch survey point to a decline in the overall cost of textbooks, the perception is that all textbooks are expensive. Student advocacy groups like The Student PIRGS counter that textbook prices have increased by 73% since 2006. It’s true that many textbooks cost $200 and up and though a $300 physics book might be everything needed to succeed in class, it’s a hard pill to swallow for students and families. To address these very real student concerns, college stores, faculty, publishers, libraries, and university administrators must work together to identify multi-dimensional solutions that meet diverse teaching and learning styles for every budget.
ISU BOOK STORE
PUBLISHERS
FACULTY
STUDENT
UNIVERSITY ADMINISTRATORS
UNIVERSITY LIBRARY
“Affordability is a top concern not only for students and their families, but for institutions as well. Iowa State’s faculty and staff are committed to addressing this challenge, and the ISU Book Store is an integral part of that effort, with programs like textbook rental and Immediate Access that put money directly back into students’ hands. Through the collaboration of the ISU Book Store, faculty, publishers, University Library, and Center for Excellence in Learning and Teaching, students can focus less on how to avoid purchasing critical learning materials due to cost, and more on succeeding in the classroom.”
Jonathan Wickert
Senior Vice President and Provost
AFFORDABLE SOLUTIONS As the cost of higher education continues to rise, we have implemented innovative strategies to make course materials more affordable:
IMMEDIATE ACCESS
TEXTBOOK RENTAL
eBOOKS
USED TEXTBOOKS
LOOSELEAF BOOKS
BOOK BUYBACK
TOTAL STUDENT SAVINGS UTILIZING AFFORDABLE OPTIONS
$7.0M
$6.3M
$4.3M
2015-2016
2016-2017
2017-2018
IMMEDIATE ACCESS
THE IOWA STATE DIGITAL CONTENT SOLUTION Iowa State’s Immediate Access program is a collaborative program between the ISU Book Store, faculty, and publishers. Students enrolled in an Immediate Access course will receive access to all required course materials on the first day of class and at a reduced cost compared to the national average.
HOW DOES IT WORK? FACULTY CHOOSES IMMEDIATE ACCESS FOR THE COURSE AT A REDUCED COST TO THE STUDENTS
AUTOMATIC CHARGE TO STUDENT U-BILL
STUDENTS RECEIVE ACCESS TO DIGITAL COURSE MATERIALS ON THE FIRST DAY OF CLASS
FACULTY AND STUDENTS RECEIVE AN ENHANCED TEACHING AND LEARNING EXPERIENCE
2017-2018 IMMEDIATE ACCESS 72 TOTAL COURSES PARTICIPATED 15,833 STUDENTS SAVED:
$1,118,586.09 MKT 340: 874 STUDENTS SAVED $171,784.70 IMMEDIATE ACCESS PRICE
$62.35
PHYSICAL BOOK PRICE
$258.90
PER STUDENT SAVINGS
$196.55
CHEM 177/178: 1,276 STUDENTS SAVED $106,290.80 IMMEDIATE ACCESS PRICE
$74.30
PHYSICAL BOOK PRICE
$157.60
PER STUDENT SAVINGS
$83.30
ENGL 302: 1,135 STUDENTS SAVED $147,550.00 IMMEDIATE ACCESS PRICE
$75.20
PHYSICAL BOOK PRICE
$205.20
PER STUDENT SAVINGS
$130.00
HD FS 276: 1,015 STUDENTS SAVED $80,388.00 IMMEDIATE ACCESS PRICE
$40.00
PHYSICAL BOOK PRICE
$119.20
PER STUDENT SAVINGS
$79.20
PROJECTS & INVESTMENTS ISU BOOK STORE UNIVERSITY OWNED AND OPERATED REVENUE REINVESTED BACK INTO THE UNIVERSITY RENT & UTILITIES PAID TO ISU MEMORIAL UNION
$462,300 ADMINISTRATIVE FEE PAID TO SUPPORT IOWA STATE UNIVERSITY
$459,000 ROYALTIES PAID
$325,998
SCHOLARSHIPS & DONATIONS
$60,200 HOURLY STUDENT WAGES
$616,845 DISCOUNTS
$37,915
THE DESIGN STORE RENOVATION: SUMMER 2018 Within the College of Design, the ISU Book Store has a satellite location called The Design Store. The Design Store originally opened in the 1990’s and was in desperate need of a facelift. The Design Store was redesigned in 2018 by senior graphic design student and ISU Book Store graphic design and marketing intern, Mikah Fitzgerald.
OUR STAFF
• 25 Full-Time Employees • 100-120 Student Employees 13 Iowa State Alumni • 20-30 Seasonal Employees 9 Former Student Employees
LEADERSHIP TEAM
Rita Phillips
Heather Dean
Gayle Mastbergen
Lisa Goeres
Director rphillip@iastate.edu 515-294-0231
Assistant Manager of Marketing gmallen@iastate.edu 515-294-0234
Assistant Director hdean@iastate.edu 515-294-0237
Operations Manager lisawise@iastate.edu 515-294-3446
Matt Laurich
Retail Manager mlaurich@iastate.edu 515-294-0235