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Books Kinokuniya will probably be closing its Jurong outlet in Could as it could now not afford the lease, the bookstore chain tells The Straits Occasions (ST).
The final day for the outlet, positioned at JEM, will probably be Could 9, 2022.
Kinokuniya’s Asia-Pacific group managing director Yukihiro Kawakami was quoted by ST as saying that lease had been saved reasonably priced during the last two years by authorities subsidies, however the progress to a brand new regular has introduced on “impending elevated rental expenses.”
He added that footfall had been falling even earlier than the pandemic started.
“These challenges, along with extended sluggish gross sales, adversely impacted our return on funding,” he stated.
Based on ST, the shops’s workers, numbering fewer than 10, will probably be redeployed.
Two retailers remaining
Kinokuniya’s closure at JEM signifies that the favored Japanese bookstore now has two retailers remaining—one at Bugis Junction and its flagship retailer in Ngee Ann Metropolis.
The transfer comes about three years after Kinokuniya closed its first Singapore outlet, which had occupied an area in Liang Court docket for 36 years.
On the time, Kinokuniya stated that it was searching for to consolidate the bookstore chain’s restricted assets.
Regardless of the upcoming closure, a members’ promotion for World Ebook Day (Apr. 23) will happen as deliberate throughout all three retailers.
The corporate additionally runs stationery and present retailer NBC, which has three standalone retailers at Raffles Metropolis, Bugis Junction, and Jem.
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