Coop Announces 8.8 Percent Rebate

Despite the nationwide struggle of brick and mortar bookstores in the online era, the Harvard Cooperative Society announced an increase in its annual member rebate percentage. Coop members will receive an 8.8 percent rebate this year, representing a 10 percent increase from last year.

“In a tough retail environment, The Coop is pleased to be able to pay members a rebate of 8.8 percent of their purchases and thanks members for their continued loyalty and patronage,” Coop President Jeremiah P. Murphy '73 wrote in an email to The Crimson.

While 8.8 percent is the second-highest rebate offered by the Coop in the past two decades, the store’s overall revenues decreased by 6.7 percent this year, according to a press release sent to members Wednesday. Murphy stated that the decline stemmed mainly from the closure of the Harvard Medical School store when the Coop lost its lease in the Longwood Medical Area.

Cody R. Dean '14, a member of the Coop Board of Directors, said the general revenue decline speaks to a greater trend in the textbook industry.

“I’ve been on the Board for three years now, and every year we’ve seen substantial decreases in course books and course material sales,” Dean said.

Dean added that rental sales of textbooks have increased as the relatively recent program continues to expand and new titles become available for rent.

“We plan on focusing on textbook rentals, which are very cost effective for students. Our rental business was very strong this past year and offset some of the sales decreases we experienced in new texts,” Murphy wrote.

Dean said that tourist-oriented business also helped offset the store’s losses and increase the member payout this year.

The future of the rebate remains an ongoing discussion among Board members, Dean said, as the store evaluates the evolving ways in which people shop and how the Coop can render the best service.

“You can expect some significant changes in the next fiscal year regarding the value propositions that the Coop offers to students and the way that we look at the rebate as an institutional legacy,” Dean said.

—Staff writer Nikki D. Erlick can be reached at nikki.erlick@thecrimson.com. Follow her on Twitter @nikkierlick.