Reports earlier this week that the iconic World's Biggest Bookstore in Toronto would be closing after the lease expires at the end of 2013 may be premature. The Globe & Mail reported that Indigo Books, the current lessee and owner, "is set to fight for the retail space, which it sees as unique in its chain."
"It's a one-off store," said Drew McGowen, Indigo's v-p of real estate and development. "I realize it isn't literally the world's biggest, but you know what, it's the biggest for us. It is an absolute icon." He added that the annual lease of approximately $1.5 million has been relatively stable in recent years.
"What's going to tell the tale is whether we can do a deal with the landlord or not," said McGowen, noting that there are still 18 months before the expiration date. "It's business as usual for us. Like every single lease we have as it comes up for expiry, we do our due diligence.... That's what we're doing here."
