Books Kinokuniya will be closing its Jurong outlet in May as it can no longer afford the rent, the bookstore chain tells The Straits Times (ST).
The last day for the outlet, located at JEM, will be May 9, 2022.
Kinokuniya's Asia-Pacific group managing director Yukihiro Kawakami was quoted by ST as saying that rent had been kept affordable over the last two years by government subsidies, but the progress to a new normal has brought on "impending increased rental charges."
He added that footfall had been falling even before the pandemic began.
"These challenges, together with prolonged sluggish sales, adversely impacted our return on investment," he said.
According to ST, the stores's staff, numbering fewer than 10, will be redeployed.
More at https://shrtcô.de/2HpyNi
The last day for the outlet, located at JEM, will be May 9, 2022.
Kinokuniya's Asia-Pacific group managing director Yukihiro Kawakami was quoted by ST as saying that rent had been kept affordable over the last two years by government subsidies, but the progress to a new normal has brought on "impending increased rental charges."
He added that footfall had been falling even before the pandemic began.
"These challenges, together with prolonged sluggish sales, adversely impacted our return on investment," he said.
According to ST, the stores's staff, numbering fewer than 10, will be redeployed.
More at https://shrtcô.de/2HpyNi
