Toronto magazine store that’s been around for almost 20 years is shutting down

A long-standing Toronto magazine store that’s been around for almost two decades is gearing up to permanently close its doors due to a $4,000 rent hike.

Presse Internationale, located at 537 Bloor St. W. in The Annex, carries a diverse array of publications in numerous languages, including national and international magazines, and specialty newspapers. 

The future of the family-operated business became uncertain this fall, when the store’s previous $7,000 per month rent was dramatically hiked up by an additional $4,000 by its landlord. 

Edith Yang, who took ownership of the store with her husband in 2005, told CBC Toronto that a new landlord purchased the property last year, and informed the family that they would have to pay market price if they wanted to stay long-term. 

In a statement to the publication, the landlord noted that they could not sustain the “additional costs under the current tough market conditions,” and that inflation and high interest rates were affecting all businesses. 

Many loyal patrons took to social media to mourn the loss of the one-of-a-kind magazine store, noting that the business provided an “invaluable spotlight” for many struggling independent magazines and publications. 

“How sad. It’s my go-to place for their amazing newspapers and magazines. That’s just criminal to raise their rent so much,” one customer wrote in response to the news. 

According to the landlord, a second Taisho Japanese Grill will be occupying the space in the future. 

The store’s final chapter will come to a close on Nov. 30.