BNED operates 1,116 physical and virtual bookstores for colleges, universities, and K-12 institutions across the United States. As an official on-campus retailer, BNED sells course materials, including print and digital textbooks, alongside general merchandise such as collegiate apparel, technology, and school supplies. The company does not own its store locations but instead operates under management contracts where it pays institutions a percentage of sales for the right to serve as the exclusive or preferred campus bookstore. These contracts typically carry five-year terms, though BNED maintains long-term relationships with institutions averaging 17 years. The company’s primary growth strategy centers on its BNC First Day programs, specifically First Day Complete. This model bundles required course materials into tuition or fees, shifting the business from price-sensitive individual student sales to a high-volume, institutionally-driven model that ensures near-100% sell-through. For general merchandise, BNED partners with Fanatics and Lids to manage e-commerce and in-store assortment. Ancillary businesses include MBS, a wholesale textbook distribution subsidiary, as well as on-campus Starbucks-branded cafés and proprietary bookstore management software.