The Toronto Chapters location that moved into the old Runnymede Theatre 14 years ago is set to shut its doors in the new year.

A spokesperson told the CBC that the store will not renew its lease on the property at the corner of Bloor Street West and Runnymede Road, which is rumoured to become a Shoppers Drug Mart.

From the Toronto Star:

“It’s a great store that’s served the neighbourhood incredibly well,” said Drew McGowen, vice-president of real estate and development at Chapters Indigo. “We’re at the end of our lease and the landlord can get far, far more money than we are able to pay.”

Since the store opened in November, 1999, Toronto’s commercial and housing real estate market has experienced “such a boom,” McGowen said. Chapters must vacate the premises by March 31, however McGowen could not confirm when the store would be closed to the public.

Though there was initially some local opposition to the store’s arrival, some community members are indicating that they may now fight to keep it open.

The building, constructed in 1927, will have its exterior kept intact in accordance with its historic designation.