McNally Robinson Booksellers has announced the sale of its building on Stephen Avenue Walk in downtown Calgary. The transaction was completed a few weeks ago and McNally Robinson is now a tenant in the building. The new owners are seeking a tenant to replace the bookstore.

"Current real estate prices in downtown Calgary make it difficult to sustain a bookstore," states McNally Robinson co-owner, Paul McNally. "The value of the real estate over-reaches the potential of the bookselling business."

"Store manager Brendan Hunter and the other booksellers have done an amazing job of keeping the store and the restaurant up to the mark. The store has been a labour of love for many people, and it is beloved by many Calgarians, and this is hard, but it's a reality."

The bookstore and its enclosed restaurant flourish during weekday lunch period, but other parts of the week are comparatively quiet. High costs in a heated Alberta economy have eroded the store's profitability, says McNally. "In an average cost structure the store would be viable and profitable. In downtown Calgary, not so much."

McNally Robinson, Canada's largest independent bookstore, is in the process of opening two new stores, one in Winnipeg on April 1 and the other in Toronto next spring.