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WotC's (lack of) direct selling: please explain it to me

Hmmm, they did, once upon a time.

Part may be Hasbro policy - but I do not know if Hasbro actaully has such a policy.

More publicly, it is so WotC does not directly compete with their retailers. If folks can go directly to WotC then there is no need to go to Mom & Pop's Local Game Store to buy the newest and shiniest.

WotC had it's own direct online store, plus WotC branded retail outlets, plus the purchase of the Gamekeeper retail stores. I'm pretty sure WotC dropped all of this well before the Hasbro acquisition.
 

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If you were a store owner, would you purchase product from WotC, knowing that WotC sells that same product directly to end consumers for a lower price than you are able to charge?

When WotC ran their online store, and their retail chains, FLGS's seemed to still purchase their products just the same. Although WotC always sold their own stuff at full retail, not discounted.

EDIT: Oops, I suppose that would have been your #3 option, WotC selling directly at full retail. Sorry, I was trying to post and fend off a talky roommate at the same time, and missed your full post.
 
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