Treasured Annex magazine shop set to close after rent hike

October 17, 2024 Canuck

A beloved magazine boutique in the Toronto’s Annex neighbourhood says it will soon be forced to shut its doors after 30 years of business due to a rent hike it can’t afford.

Presse Internationale carries a wide selection of national and international magazines, including specialty publications and several newspapers from around the world.

Edith Yang took ownership of the store with her husband in 2005.

She told CBC Toronto that rent for the Bloor Street W. storefront had been $7,000 per month under their previous lease agreement. But when a new landlord bought the property last year, they informed the Yangs that if they wanted to stay long-term, they would have to pay about $4,000 or more each month to keep the space.

Yang said working behind her small counter is all she’s known for the last 19 years, and being surrounded by words and culture is all she ever wanted, even as a kid.

“From when I was a little girl, I liked the library. I never thought I could own a bookstore,” she said, calling the situation sad and stressful.

“I only want to do this.”

The family-operated business is one of the latest mom-and-pop shops in the city to face closure due to rising commercial rent prices.

Small businesses priced out, local MPP says

MPP Jessica Bell tweeted about the store’s plight on X, formerly Twitter, calling for commercial rent control.

“Commercial rent has gone up over 30 per cent in the last few years, which has put small businesses in a very difficult situation,” she told CBC Toronto outside the store.

“I think we need a balance. We need to consider the interests of commercial landlords, but we also need to make sure that small businesses are being priced out of operating in our city,” Bell said.

A spread of magazines on a shelf. — Presse Internationale carries a wide and colourful variety of magazines, from common publications to special editions. (Britnei Bilhete/CBC)

Yang said she and husband have looked for affordable spots but rents are too high and they don’t make enough profit to qualify for additional credit or a commercial mortgage.

“We want to try, but we’re afraid because magazine paper media [revenue] is going down,” she said. “But there still are customers.”

The one thing that has kept the business open for the past year, Yang said, was an agreement she struck with the new landlord that allowed them to stay until another tenant was found.

CBC News reached out to Presse Internationale’s landlord for an interview but they said they were not available.