22 Dec '11, 6am

End of chapter for Page One bookstore #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.” “...

Full article: http://sg.news.yahoo.com/end-of-chapter-for-page-one-book...

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