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AlbertC

AlbertC

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http://www.thestar.com/business/art...d-s-biggest-bookstore-slated-to-close-in-2013

Toronto’s World’s Biggest Bookstore could close in 2013

Published On Wed Jun 20 2012
By Susan Pigg
Business Reporter

The Toronto landmark — 64,000 square feet worth of the written word on everything from Tao to travel — is expected to close in 18 months after dominating the same downtown block for almost 25 years.

Indigo Books & Music, which owns the bookstore, had been seeking a “significant” reduction in rent from the store’s owners, citing a downturn in business. And while the lease on the iconic property near Yonge and Dundas Sts. doesn’t expire until December 2013, the property is already in play.
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One condo developer has reportedly offered $38 million for the site, just 30 metres from what’s being touted as “Canada’s busiest pedestrian/tourist/retail destination.”

But the owners, descendents of book retailer Jack Cole — who revolutionized retailing in 1980 by converting a bowling alley into the sprawling superstore — are determined to find a new retail tenant.

“The decision to not renew the lease at the end of 2013 was based on a thorough review of every facet of our World’s Biggest Bookstore business,” Indigo spokeswoman Janet Eger said in emails to the Star.
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The big draw is location, location, location. The store sits in the epicentre of a condo boom that’s added tens of thousands of shoppers to the downtown.

While it may not have a door on Yonge St., the property is within steps of some pretty major downtown developments.

They include a major expansion of the nearby Ryerson University campus and, just around the corner, construction of Canderel’s 78-storey condo and retail complex, the tallest residential condo in Canada. Those projects, and others, are expected to kick-start a major remake of Yonge St.
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One condo developer has reportedly offered $38 million for the site, just 30 metres from what’s being touted as “Canada’s busiest pedestrian/tourist/retail destination.”

But the owners, descendents of book retailer Jack Cole — who revolutionized retailing in 1980 by converting a bowling alley into the sprawling superstore — are determined to find a new retail tenant.
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Why not just sell and buy another retail building? I'd imagine the numbers will mean they'll come to this conclusion soon.
 
The floorplate will be attractive for Aura-style big box + condo developments but it won't be a great retail site unless they buy enough property to get Yonge Street frontage (which isn't cheap).

Also, the City considers this site a missing link in the PATH network, so a developer may be on the hook for a tunnel to Atiurm on Bay.
 
valkoholic said:
The floorplate will be attractive for Aura-style big box + condo developments but it won't be a great retail site unless they buy enough property to get Yonge Street frontage (which isn't cheap).
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I agree, they would have to buy the corner building and another 4-5 buildings north of Edward St. on Yonge street...away from them sitting on expensive real estate there is nothing special about those 2 storey structures
 
It's amazing to me that this location wouldn't be considered a great retail site just because it doesn't front onto Yonge.

What's more, if Yonge frontage is so coveted, why are there so many poor quality stores on Yonge?
 
Surely this will be sold for a tower, rather than a big box store, right? I really don't want to see a Target or Wal-Mart here...
 
Automation Gallery said:
I agree, they would have to buy the corner building and another 4-5 buildings north of Edward St. on Yonge street...away from them sitting on expensive real estate there is nothing special about those 2 storey structures
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If this property did go condo I don't see why they need a Yonge Street entrance, walk around the corner to a quiet and private entrance. Also, several of the structures north of Elm are special indeed, but need some work - not unlike most of what sits between Gerrard & Bloor.

Tulse said:
Surely this will be sold for a tower, rather than a big box store, right? I really don't want to see a Target or Wal-Mart here...
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Shhhhh!!!
 
dt_toronto_geek said:
If this property did go condo I don't see why they need a Yonge Street entrance, walk around the corner to a quiet and private entrance.
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exactly ... not everyone wants to be on Yonge.
it's 1/4 block in ... oh such a strain to walk those few steps
 
I didn't mean the condo entrance should be from Yonge (it shouldn't). But if this were to have significant retail it would make sens for the retail entrance to be from Yonge even if it were just to lead to the bulk of the retail that would be located in the bookstore site.

I don't have numbers on-hand, but based on other stuff I've seen I'd guess Yonge has five times the pedestrian volume that either Elm or Edward has. Plus, Edward is pretty fugly.

Heights for a condo tower would likely depend on shadows on McGill Granby neighbourhood. Those streets are sacred in the City's mind.
 
I'm not sure how much retail would be needed here. With the Eaton Centre, the Atrium, 10 Dundas and all the retail at Aura, I don't know how well it would fare. A massive condo tower with an average-sized strip of retail (or one big-box-esque retailer) on Edward would suffice. It has the advantage of being visible from Yonge at least.
 
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