Borders launches e-bookstore

New York City Borders Group has launched its first e-bookstore.

The company said its goal with the new store and e-reader is to take 17% of the electronic book market by next July. Amazon has the Kindle e-reader and Barnes & Noble has the Nook, and all the players are cutting prices to lure shoppers.

Borders was later to this market than its rivals but said it took time to craft its strategy, which rests on selling books that can be used across multiple platforms rather than just one device.