World's Biggest Bookstore -- and magazine rack -- likely to close next year

It's not only the self-proclaimed World's Biggest Bookstore, but it is also one of -- if not the -- largest magazine store in Canada and word that it may close will be shaking up the industry. On the other hand, it may be merely a lease negotiating ploy by Indigo Books and Music.

A story on Quill & Quire, quoting the Toronto website Yonge Street, says the lease on the 25-year-old, 64,000-square-foot bookstore which goes back to the days of Jack Cole and Cole Books will not be renewed and the Cole family is looking for a single retail tenant to take over the space, possibly a "big box" store.

"Indigo Books & Music, which owns the bookstore, had been seeking a “significant” reduction in rent from the store’s owners, citing a downturn in business. And while the lease on the iconic property near Yonge and Dundas Sts. doesn’t expire until December 2013, the property is already in play," said a story in The Toronto Star.

It says a condo developer is reported to have already offered $38 million for the site.

“The decision to not renew the lease at the end of 2013 was based on a thorough review of every facet of our World’s Biggest Bookstore business,” Indigo spokeswoman Janet Eger said in emails to the Star.

“In the meantime, we’ll be working towards a seamless transition for our valued customers and employees, the details of which are being finalized.”