On the high streets of small towns, the success stories are Primark, Greggs, Wilko, Poundland and variety shops like Tiger. Card and gift emporiums are ubiquitous. In this unpropitious climate, Waterstones is holding out with almost 300 shops, recovering – according to the figures – from near failure four years ago. The owner, Alexander Mamut, has invested over £50 million. James Daunt was brought in to give the shops more character and relax central control: booksellers can decide which books to promote and tailor their own displays. But it isn’t all about the books.