ABC Books on Yonge Street closes October 30 after decades; owner blames unsustainable property taxes

ABC Books, a second-hand literary institution on Yonge Street since at least the 1970s, will close its doors on October 30. Owner Patrick Hempelmann, who also owns BMV Books, told Toronto Today the bookstore would be "closing forever" after decades of operation.

Hempelmann blamed Toronto's "excessively high taxes on retail properties." Retail property taxes are assessed based on the property's "highest and best use" — a mechanism that often saddles small businesses on prime real estate with fees they cannot sustain. "We love the neighbourhood, but the rents have just been driven up by property taxes that are unsustainable for small businesses," Hempelmann said.

The store, just south of Bloor, is liquidating inventory at 50 per cent off. BMV Books posted on Instagram: "Since no one wants to carry heavy boxes of books, magazines, comics and more, they're selling everything at 50-per-cent off!"

Hempelmann plans to relocate to Queen West and John, continuing the bookstore's presence in the city but in a neighbourhood with lower commercial rents.

The closure reflects a broader shift along Yonge Street. Over the past decade, many of the corridor's classic row-house storefronts have transformed into high-rise condos, driven by Toronto's population boom and the city's push to boost housing density along subway corridors. Glad Day Bookshop, the world's oldest LGBTQ+ bookshop, also relocated after operating on Church Street, moving to an area near Queen Street West — another signal of how rising rents are reshaping independent retail across the city.