Kinokuniya is closing down their outlet in at JEM on 9 May because they are not able to afford the rent anymore, according to The Straits Times.
Yukihiro Kawakami, the Asia-Pacific group managing director for Kinokuniya, told ST that over the last 2 years, their rent had been affordable due to the subsidies by the government.
However, they are facing increased rental charges brought about by the new normal.
He also revealed that even before the start of the pandemic, they were facing prolonged sluggish sales, impacting their investment returns.
The workers, who number less than 10, will be redeployed to other outlets.
Once the JEM outlet closed, the Japanese bookstore will be left with 2 remaining outlets at Bugis Junction and Ngee Ann City.
Kawakami added that they’ll “play it by ear as we’re trying to minimise stock return to local suppliers for overall damage control.”
He added: “We seek book lovers’ support for all of us in the book industry through these rough times.”