PW: Cody Books Closes Flagship Store

Gerry Cody, owner of Cody Books Ltd., will shut down his 4,000-sq.-ft. flagship bookstore in Port Coquitlam, a suburb of Vancouver, where it has been since 1981. The June 30 closure will leave Cody with only two stores--a discount clearance store and a small bookstore/ newsstand in New Westminster.

This is the third store Cody has closed in two years. In April, Cody shut down a discount clearance store in Coquitlam and two years ago, he closed another location in Vancouver. "The reason for closing this one [the flagship store] are threefold. Number one, there is a Chapters directly across the street from us that opened three years ago, and they probably took 20% out of us. Also, Indigo is coming to Coquitlam in the very near future, so that would take another piece of it. Internet sales have taken a piece of us as well."

But other factors contributed to the store's demise, according to Cody. "I think the price of books in general is also a factor. People who used to buy hardcover books are really backing off. They are waiting more and more for 25%-off sales, and more people are using libraries. I am just shocked with the price of hardcover fiction that is coming out this fall. I just can't see people paying over $40 for a new Crichton," Cody elaborated.

Rather than risk bankruptcy in the near future, Cody has decided to pull up his stakes now, while he can still pay his suppliers and continue operating. In his remaining outlets, Cody plans to move to more of a personal operation, but he is still irked that he is taking away the independent bookstore option in the area. "The thing that bothers me most about leaving Coquitlam is leaving our customers no choice. There is Chapters, or Indigo when they get here, and that's it."