TAIPEI (Taiwan News) — Eslite Spectrum Corp., the parent company of the popular Eslite bookstore chain, announced on Tuesday (Jan. 3) that it will be permanently closing its branch in Taipei's Xinyi District later this year after 18 years of service.

In an official statement, Eslite said that since it was unable to convince the building's landlord to renew the lease, the 24-hour store will be forced to shut down in December 2023, when the contract on the property runs out. However, the company pledged to continue to provide 24-hour service elsewhere.

There are rumors Eslite will convert its Songyan store into its sole 24-hour branch in Taiwan, but the company has yet to confirm these plans. In its statement, Eslite wrote: "It seems like the end of a journey, but it is also a new beginning for the future."

According to Eslite, the Xinyi branch showcases works from 4,500 Chinese-language and foreign-language publishing houses. Since its opening, it has seen nearly 200 million visits by readers and customers from around the world.

The company pledged that it will continue to create the future with a "cheerful and positive attitude," and insisted that the "24-hour reading light" will never go out.

Exterior of Eslite Xinyi branch. (Google Maps image)

Moving forward, Eslite said its largest new store in Asia at the Xindian Yulong City in New Taipei's Xindian District and its new store in Taichung’s 7th Redevelopment Zone will open to the public in the second half of the year. The company indicated that these new branches will provide 24-hour service.

Eslite also issued an official notice to suppliers that its Xinyi branch will shut down when its lease ends in December 2023 due to the landlord's plans on taking back the property. It noted that 2023 marks the 18th anniversary of the branch.

Eslite Chairwoman Mercy Wu (吳旻潔), revealed at last year's shareholder meeting that the lease for the Xinyi branch would expire at the end of 2023 and the terms of the lease were raised with the seven landlords of the building, reported CNA. Wu said that her company on two occasions made major concessions on the lease that gained the approval of all the landlords except for the largest landlord, Uni-President Group, which is rumored to be planning to open a Uni-president Department Store in the space.

Uni-President announced in June last year it would acquire all the stakes in the property held by other firms to become the sole landlord. In December, it announced that its subsidiary Tone Sang Construction Corp. would manage the redevelopment of the building.