11/21/2013 01:10 EST | Updated 01/25/2014 04:01 EST

World's Biggest Bookstore closing down

Another giant on Toronto's retail landscape is about to fall. 

The site of the World's Biggest Bookstore — a popular downtown destination for local and visiting bibliophiles since 1980 — has been sold to a real estate developer and will close in February. 

The store sits on a patch of prime, downtown real estate at 20 Edward St., just one block from Yonge-Dundas Square and the Eaton Centre. 

That same neighbourhood was once home to music retailing giant Sam the Record Man, which folded in 2007. 

The nearby flagship store of Sears Canada is set to close next year while, across town, neon-spangled landmark and discount retailer Honest Ed's was last month purchased by Vancouver-based developer WestBank Properties. Its future remains uncertain. 

There is no word what will become of the site on Edward Street. New owner Lifetime Developments is best known around Toronto for building the new Four Seasons Hotel. Lifetime Developments said in a statement it will reveal its plans later.

The store is operated by Indigo Music and Books, which also runs the book-selling Coles and Chapters brands.