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Prospero's Books, an independent bookshop that traded in north London's Crouch End for more than 10 years, closed down on Christmas Eve.
Tim Robinson, general manager of Prospero's sister shop, Muswell Hill Bookshop, said: "It wasn't an easy decision, but it was a purely financial decision. The two basic reasons for the closure were, a) competition from mainly the internet and b) we had a big rent hike. Both of these together made it [the shop] unsustainable."
He added that the shop had seen a fall in revenue in recent years, but stressed Muswell Hill Bookshop itself was safe from closure.
Talking about indie booksellers in general, he said: "The only way forward is for us to offer the customer service that is lacking over the internet."
Unsold stock from the closed shop was being transferred to The Muswell Hill Bookshop.