The bookstore chain has invited Abbott Mead Vickers BBDO, Bartle Bogle Hegarty, CHI & Partners and Lowe to pitch. The winning agency will take responsibility for all of Waterstone's print, TV and outdoor communications.
The review is understood to have been prompted by the acquisition of Ottakar's, which Waterstone's parent company, HMV, bought in May 2006.
Ottakar's was recently merged with Waterstone's, and the winning agency will be briefed to promote the expanded chain, which now includes Ottakar's 141 stores nationwide.
St Luke's, the incumbent, won the Waterstone's account in 2005, following a shoot-out against Beechwood. Its most recent TV campaign for the bookstore, which was screened in the run-up to Christmas last year, featured animated characters stepping into the plot of various genres of books.