Although the holiday season, the busiest time of the book year, is well underway, 33-year-old Bank Street Bookstore in New York City's Morningside Heights neighborhood is actively scouting for a new location. The bookstore, which is part of the Bank Street College of Education, will move when its lease expires at the end of February 2015.
"Over the last 10 years the bookstore has lost money every year, and the loss has been widening," chief operating officer Frank Nuara told PW. "We're fighting to compete with the Amazons of this world and we're losing." The trustees have been studying the bookstore model for the past two years and want to find a much smaller store on the Upper West Side that will be half the rent of the current location. "We're not closing the store," he said. "We're staying open right until the end of the lease."