Hooked on Nook

It seems there’s a growing contingent of book lovers who enjoy cuddling up with a good “Nook.” E-book sales at Barnes & Noble are growing by 20 percent; as a result, the retailer is planning to invest $140 million in digital initiatives next year.

In a recent presentation made to investors, company executives revealed the success they’ve achieved thus far with the Nook e-reader:

• More than 25 percent of consumers who own a Nook are new to BarnesandNoble.com

• Nook buyers increased their combined physical and digital weekly spend by 17 percent after purchasing the e-reader

• Digital sales of romance novels are growing 20 percent – 10 times the rate for their print counterparts.

Barnes & Noble’s digital growth is tied to both Apple and Best Buy. Some 2.4 million consumers have downloaded Barnes & Noble e-reader apps from iTunes, allowing iPod users to download e-books from the retailer’s website. Not surprisingly, Barnes & Noble was among the first to develop an iPad app for Apple’s new tablet computer. And, with an eye toward expanding its digital strategy beyond its own stores, Barnes & Noble also sells the Nook at 1,070 Best Buy stores.