 |
| Yonge and Eglinton |
Indigo Books will shut down a Chapter’s store in Vancouver because the landlord has imposed a large rent increase. The store is on Robson Street. Indigo calls it a “very significant rent increase”. Well that’s Vancouver and this is South Bayview where most of us who patronize Indigo do so through the door of the Yonge and Eglinton complex (inset). As many will know, Indigo was created in 1996 and continues to be run by Toronto book and retail maven Heather Reisman. Indigo is stunningly unprofitable. In 2014 Indigo reported a net loss of $31 million. It is a tradition there. The company said at the time: “In an industry which is world-wide experiencing meaningful sales declines, we are pleased with the customer response to all our transformation efforts, with the sales performance, and with the potential for further growth and profitability moving forward.” And that’s fine but anyone would be forgiven for thinking that Indigo is more like a benefaction bestowed on Canada by Ms Reisman and her wealthy husband, Gerald Schwartz. Mr. Schwartz is the boss of Onyx Corporation, the money-making mining conglomerate. Schwartz and Reisman are celebrated as generous givers to any number of important charities and institutions (like Mount Sinai Hospital). How the finances of Indigo and Onyx might be woven together is unknown but it would be revealing to know. See you at Indigo.
