The venture will advance the company’s newly launched search tool BookRabbit, into a new book buying and social network hybrid that will provide increased functionality and additional features.
Under the terms of the agreement, Redberry will provide Retail8 with design and build services in return for a project fee and a share of the sales revenue generated through the BookRabbit 2.0 site. The current version of BookRabbit offers a unique search and location service for users to enable them to find their local bookshop using a mobile web browser, such as an iPhone. The new web 2.0 version is expected to be launched during mid-2008, with a number of additional features designed to meet the needs of the prolific book buyer, a retail market worth some GBP550 million a year.
Kieron Smith, managing director of Retail8, said: We are targeting a book selling market worth GBP550 million that is not being engaged with or adequately serviced. Our aim is to secure a significant market share by meeting the more demanding needs of prolific book buyers who, like us, have a passion for books. We have chosen Redberry as our joint venture partner due to their enthusiasm for challenging the conventional, their impressive portfolio and their track record. We believe that they have the skill set required to develop something exceptional.
