We all know that technology is slowly taking over our lives, but sometimes it hits a little harder when we actually see it in action.
Our beloved Dymocks, Hong Kong’s largest English-language bookstore, has announced it will be closing its 15-year-old flagship store in the IFC mall and its local office after being crippled by the city’s sky-high rents, changing reading habits and competition from online bookstores.
The five remaining retail outlets in Hong Kong will continue to operate independently with the Dymocks’ name, before eventually being rebranded, one by one.
An email circulated by Dymocks stated that Jan. 25 will be the official closing date of its IFC outlet. The email also explained that “with the closure of Dymocks IFC Mall, which has generated the majority of the group sales, it is no longer viable for Dymocks to maintain an office here, and the office will close at the end of February.”
This is following the closure of three Dymocks stores in 2012, which decided not to renew their lease agreements after their expiry.
The closure comes as a shock, as the Australian company indicated in April last year that it would be expanding in the city.
Joanne Lee, manager of research and advisory at Colliers International, however, told SCMP that rising rents in shopping malls outdo companies’ desires to expand.
So, ardent Dymocks-lovers, you’ve got until March 2 to collect points and until the end of June to redeem them.
You’d might as well just download some e-books to your Kindle though. Who has the forearm strength for actual books these days?
Photo: Wikimedia
