Coming soon to Toronto: a Canadian Monocle shop?

There's no word when, but Monocle magazine apparently intends to start one of its iconic shops in Toronto, to join those is London (Marylebone High Street), Palma de Majorca, Zurich and Los Angeles. There are also plans for Seoul and Hong Kong.

According to a story in The Independent, the retail side -- which wasn't considered by expat Canadian founder Tyler Brûlé when the magazine was launched -- is a healthy new revenue stream, selling such rare items as Artek stools, Orlebar Brown swimming trunks and Valextra notebooks.

Brûlé admits retail was not in his original business plan, when he set up the venture (“I’d thought it would be lovely to have a little shop somewhere someday but I didn’t think then it was a realistic idea or that it would be a profitable one”). But he says Monocle is built on strong retailing foundations. His own company has 70 per cent of Monocle with the rest divided between five family businesses based in Spain, Switzerland, Sweden, Australia and Japan. These familes, he says, “have made money the good old-fashioned way. They are not just people who play the markets every day.” They have yet to be paid a dividend, however.

The retail element of the business emerged with a special offer in the magazine’s inaugural issue offering readers the chance to buy branded bags. It’s clear that bags are big in Monocle’s world. “There was a tote bag, a shoulder bag and a Boston bag,” recalls Brûlé. “Then we added this smaller bag for 72-hour trips and this shorter-haul bag which was for when you’re going overnight, you want to pack your laptop, you want one shirt, one pair of underpants, your socks and your toiletries. We’ve sold over 5,000 bags – it’s a huge business!”

When Brûlé launched the magazine, claiming that he'd be selling 20,000 copies within 6 months, there was widespread scepticism, particularly since he sells subscriptions for £75 per year. Now, it is selling 150,000 on the newsstands of the world and there are 12,000 subscribers in 85 countries, double last year's figure.

“Media owners around the world are scratching their heads, asking why magazines and newspapers aren’t selling anymore," says Brûlé. "Why? Because you’ve downgraded the experience. When you are competing against digital, which can zoom in and animate? then your print experience needs to be tactile and exciting and, for magazines, a bit collectable.”

Related posts:

• Tyler Brûlé goes his own contrarian way
• Investing in editorial and charging for it seems to be paying off for Monocle
• Tyler Brûlé's Monocle debuts Monday in Canada