Publishers Weeklyreports that Powell's is closing one of its three Chicago bookstores - a 8,000 square foot store located in the South Loop neighborhood.
Powell's, which has been a mainstay of the Chicago bookselling scene since 1970, is closing one of its three locations next month. The 8,000-square foot combination bookstore/warehouse, which has operated in the South Loop neighborhood for almost 30 years, will close its doors Sept. 1. Brad Jonas, Powell's owner, called the action "a stabilization for the future." While the rent on the basement warehouse area has remained steady, the costs of leasing the ground floor retail space increased, as a previously seedy neighborhood became gentrified in recent years, driving up rents.
Lots of retailers have been closing stores in this weak economy. In April, Borders announced plans to close hundreds of Waldenbooks stores, which are mostly founds in malls.