NEW YORK ( TheStreet) -- Borders ( BGP) finally launched its electronic book store on Wednesday, but is it too late to catch up to competitors that have already built up their e-reader business? Borders plans to capture 17% of the electronic book market by next July through the e-book store. The company said its store has more than 1.5 million titles and thousands of free options.
Borders will also make electronic reading applications powered by Kobo available for select Blackberry and Android phones. CEO Mike Edwards said the reason Borders took time to launch the e-book store is because it has been "carefully crafting a digital strategy, one that has great content and a device neutral philosophy backed by the Borders brand as its cornerstones." While Edwards reassures that "the race to emerge as a retail leader within the digital category is just starting," both Amazon ( AMZN)and Barnes & Noble ( BKS) have already been selling books electronically. This also comes after both Barnes & Noble and Amazon slashed prices on their e-reader devices. Barnes & Noble reduced its price on the Nook to $199 from $259, while Amazon is now selling its smaller Kindle for $189, a $70 price cut. Amazon also announced last week that the new version of the Kindle DX, which is said to have a more high-tech screen that will display sharper images, will retail for $379, 22% less than the original price of $489.