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Eager to monetize the large followings they had built on Facebook, many large brands set up shop on the social network for the first time last year.

“Now many of those Facebook stores are closing.

A Bloomberg report this weekend pointed out that Gap, J.C. Penney, Nordstrom and GameStop have all opened and closed shops on Facebook within the past year — undermining expectations that the social network will become a major revenue driver for retailers over the next decade.”

Sucharita Mulpuru, an analyst at Forrester Research, added. “But it was like trying to sell stuff to people while they’re hanging out with their friends at the bar.”

via

http://www.bloomberg.com/news/2012-02-17/f-commerce-trips-as-gap-to-penney-shut-facebook-stores-retail.html

“By my calculation, Mark Zuckerberg,Facebook’s founder and chief executive, owes me about $50”….“The proprietor of a cafe doesn’t use personal information about me and my friends to make money.”- Yannis M. Ioannides

“The value comes from the people; none of it is self-created,” Mr. Lanier said in an interview. He warns that if society doesn’t devise economic solutions to social networks, there could be “serious social blowback.”- Jaron Lanier