Treasured Toronto magazine shop set to close after steep rent hike | CBC News

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 market price, an additional $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 aren’t being priced out of operating in our city,” Bell said.

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 requested an interview with Presse Internationale’s landlord, but they said they weren’t available. In a text message, the landlord said a second Taisho Japanese Grill location will be opening at the storefront in the future. 

“The landlord leased to Presse Internationale at its old lease price for more than a year,” they wrote. “The landlord can no longer sustain the additional costs under the current tough market conditions. The inflation and high interest rate is indeed difficult for every business.”

Yang said the situation is tough for both of them but she appreciates that the landlord did what they could. 

“I know this building costs a lot given the mortgage interest is very high,” she said. 

Loyal customers disappointed 

Customers said they were saddened to learn that the store would be closing its doors on Nov. 30.

Donald White said he’s been visiting the store whenever he’s been able since the late 2000s, despite now living in the U.K.

“It’s very disappointing because the one reason that you want to live in this neighborhood is because of places like this, isn’t it?” he said.

For Yang, one of the best parts about her job, she said, is the customers she’s been able connect with over the years. 

“They are very good customers,” she said. “So many years and lots of loyalty.”