Yet another bookstore in Singapore is pulling down its shutters after rental proved too high.
Home-grown book retailer Page One will close its only store at VivoCity on 19 February when its five-year lease ends next year. The announcement on Wednesday comes just months after American chain Borders shut its doors in August.
Ironically, the 28-year-old company's publishing arm remains unaffected in its stores in China, Hong Kong, Thailand and Taiwan.
Yahoo! Singapore understands that Page One was “unable to seek common ground with the landlord” and that "the rental is not viable for (them) to continue", hence the decision to wind up its business here. It was earlier reported that the 28,000 sq ft store has been incurring huge losses since it opened in 2006.
Said the group’s chief executive Mark Tan, “In spite of the absence of our Singapore store, Page One Group will continue to expand aggressively abroad.”
“We will, however, not hesitate to reopen our Singapore store when opportunities with favourable lease terms and location come our way,” he added.
A check with the store’s staff revealed the possibility of another store reopening in Singapore late next year, although nothing has been confirmed as yet.
Page One’s in-house titles will continue to be available in other bookstores in Singapore such as Times, MPH and Kinokuniya.
The store will continue to accept Page One gift vouchers until the last day of operation on 19 February 2012. Thereafter, voucher holders may contact their Singapore office for redemptions.
Members of the My One Card (Singapore) scheme can also continue to enjoy privileges at all overseas Page One retail stores. The group has 11 stores in Thailand, nine in Hong Kong, one in Taiwan, two in China and another two scheduled to open in Beijing.
The public can check for updates on the bookstore’s website, www.pageonegroup.com, or direct their concerns to firstname.lastname@example.org.
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