Kim’s to sell rental stock, but keep it in circulation

New York retailer's collection includes 55,000 out-of-print, rare titles

By Laurence Lerman -- Video Business, 11/6/2008

NOV. 6 | New York City’s renowned Kim’s Video is getting ready to close its flagship store and exit the rental business in January, but founder and owner Yongman Kim is pursuing a way to keep the store’s 55,000-title collection available to fans.

The sell-through music and DVD sections of the three-floor Mondo Kim’s in Manhattan’s East Village will move to a smaller Kim’s store on First Avenue, but the rental collection, which is known for long out-of-print titles, rarities and imported editions, will not. Instead, Kim has put the immense library up for sale in a unique attempt to try to keep the titles accessible to the local community.

As stated in a flyer that is being distributed at Mondo Kim’s, the buyer—be it an institution, school, business owner or individual—must purchase the collection in its entirety and agree to specific conditions.

“The condition to accept this collection requires 3,000 square foot of space, commitment to give access to Kim’s members (charging minimum membership fee) and maintaining the collection,” the flyer reads.

“Mr. Kim will keep the library until a sale has been made. He’s interested in the community,” said Danny Baxter, rentals floor manager at Mondo Kim’s, adding that Kim has been negotiating sales possibilities with local organizations to try to “keep it in the neighborhood.”

According to Baxter, of the 55,000 titles in the rare collection, approximately 70% are on DVD and 30% are in the VHS format.

Kim’s opened in the late ’80s in a location on Avenue A in the East Village. The chain, which grew to as many as four stores in Manhattan, became known for its vast and eclectic library of rental and sell-through titles, generally regarded as one of the finest in New York. Starting in January, Kim’s will again operate as a one-store retailer, as it did in the beginning.