America’s most famous French bookstore will close its doors this year after 73 years in business, unable to bear a staggering rent increase in New York’s Rockefeller Center.
Outside the Librairie de France, hordes of tourists take pictures of the Center, its ice-skating rink and tree, but inside one of the first retail tenants, the shelves are slowly emptied of books.
The reason for closing this venerable institution located at one of America’s most cherished retail addresses is a simple, albeit familiar one: the rent, which is due in September, is rising, from US$360,000 to US$1 million per year.
Online book sales at bargain prices and declining interest in foreign-language books have also affected the landmark Fifth Avenue business.
And in another sign of the times, most shoppers these days come to the area in search of clothes, cosmetics or electronics.
“Of course, we sell for US$20 a book that costs 5 euros [US$7] in Paris, but there are also shipping fees for online orders,” says Emmanuel Molho, who manages the family-run bookstore with his two children. “No, what changed is the whole bookstore culture and the Rockefeller Center has become no more than just a commercial center.”
Molho’s father, Isaac, immigrated to the US in 1928 after he attended a French school in Athens and met officials from major French publishing house Hachette in Paris.
Isaac Molho opened his bookstore in 1935 at the invitation of the Rockefeller family, who wanted Europeans to occupy retail space in the extraordinary new building complex developed by the oil tycoon and real estate magnate John D. Rockefeller Jr.
During World War II, the bookstore also ran a publishing house, La Maison Francaise, that published authors fleeing Nazism such as Andre Maurois, Jules Romains and The Little Prince writer Antoine de Saint-Exupery.
“My uncle would print the books,” Emmanuel Molho said.
The mock-ups were imitations of the collection blanche, or white collection of French publishing giant Gallimard.
Molho said: “The 1960s were the most glorious years. French was in fashion, we had 50 employees and we imported 2 tonnes of books every week.”
People came here to talk literature and buy books, Molho recalled.
“The clients were American Francophiles, visiting Latin American francophones. They stayed to chat. At the time, we imported at least 3,000 copies of the latest Goncourt [French literature] prize winner. Today, it’s a few dozen at most,” Molho said.
In 1993, Molho closed another French bookstore he maintained in southern Manhattan, and a year later he shuttered another one in Los Angeles.
France, he said, gave him the cold shoulder despite the letters he sent to French culture minister Christine Albanel and French President Nicolas Sarkozy, who dined at Rockefeller Center in September but did not stop by the bookstore.
On top of the declining popularity of French-language books, the coup de grace came with staggering rent hikes. In 1980, half of the store’s well-established space went to French cosmetics company L’Occitane.
Today, a few treasures can still be found in the basement: books that are out of print, old Michelin tour guides or women’s fashion pages published in Paris in the 1920s.
Molho plans to retire in New York or perhaps take up piano, delegating to his daughter the task of taking the family business online.
The US dollar was trading at NT$29.7 at 10am today on the Taipei Foreign Exchange, as the New Taiwan dollar gained NT$1.364 from the previous close last week. The NT dollar continued to rise today, after surging 3.07 percent on Friday. After opening at NT$30.91, the NT dollar gained more than NT$1 in just 15 minutes, briefly passing the NT$30 mark. Before the US Department of the Treasury's semi-annual currency report came out, expectations that the NT dollar would keep rising were already building. The NT dollar on Friday closed at NT$31.064, up by NT$0.953 — a 3.07 percent single-day gain. Today,
‘SHORT TERM’: The local currency would likely remain strong in the near term, driven by anticipated US trade pressure, capital inflows and expectations of a US Fed rate cut The US dollar is expected to fall below NT$30 in the near term, as traders anticipate increased pressure from Washington for Taiwan to allow the New Taiwan dollar to appreciate, Cathay United Bank (國泰世華銀行) chief economist Lin Chi-chao (林啟超) said. Following a sharp drop in the greenback against the NT dollar on Friday, Lin told the Central News Agency that the local currency is likely to remain strong in the short term, driven in part by market psychology surrounding anticipated US policy pressure. On Friday, the US dollar fell NT$0.953, or 3.07 percent, closing at NT$31.064 — its lowest level since Jan.
The New Taiwan dollar and Taiwanese stocks surged on signs that trade tensions between the world’s top two economies might start easing and as US tech earnings boosted the outlook of the nation’s semiconductor exports. The NT dollar strengthened as much as 3.8 percent versus the US dollar to 30.815, the biggest intraday gain since January 2011, closing at NT$31.064. The benchmark TAIEX jumped 2.73 percent to outperform the region’s equity gauges. Outlook for global trade improved after China said it is assessing possible trade talks with the US, providing a boost for the nation’s currency and shares. As the NT dollar
The Financial Supervisory Commission (FSC) yesterday met with some of the nation’s largest insurance companies as a skyrocketing New Taiwan dollar piles pressure on their hundreds of billions of dollars in US bond investments. The commission has asked some life insurance firms, among the biggest Asian holders of US debt, to discuss how the rapidly strengthening NT dollar has impacted their operations, people familiar with the matter said. The meeting took place as the NT dollar jumped as much as 5 percent yesterday, its biggest intraday gain in more than three decades. The local currency surged as exporters rushed to