There's bad news for book lovers. High rent may force the landmark Jifeng Bookstore in the Shaanxi Road S. subway station to move.
The bookstore, which became something of an icon in the last 10 years, may not be able to afford the new rent when its 10-year contract with the Metro property management company expires at the end of the year.
The contract rent is far lower than the current market rate, which has spiralled sharply in the last few years, said Yan Bofei, general manager of the privately owned Shanghai Jifeng Book Co Ltd. Yan, however, did not disclose the amount of rent the bookstore pays to the property managers.
The new rates haven't been fixed yet, and Jifeng officials are trying to negotiate with the property managers to keep the rent low enough that the bookstore does not have to move out.
"If the property management company demands the market rate, the bookstore may be forced to leave because profits are meager and Jifeng won't be able to afford the high rents of this commercial area," Yan said.
Jifeng is popular among book lovers for its wide selection of titles. Customers can browse through the books and read at the store cafe without buying anything. Cultural salons were also a major attraction.
Culture writer Zhang Hong once described the bookstore as a "small spiritual space in the material forest" and "a transitional area for people traveling between their homes and work places."
Li Lanwen, who calls himself a bookworm, said: "I really like the cultural atmosphere of Jifeng. I enjoy reading books in stores, although ordering them from Websites has become more popular these days."
If Jifeng is forced to move away, it won't be the first time a bookstore is shunted out of a downtown area. The privately owned Xishu Bookstore, Mingjun Bookstore and Scholar have all closed. The Xinhua Bookstore on Nanjing Road Pedestrian Mall was also shut down due to high rent.
Some bookstores, however, have come up with market-savvy solutions. Dazhong Bookstore, a private company based in Nanjing, has tied up with shopping malls which offer them discounts in rents to improve their "intellectual image."
