Lomography Store Closings: The Truth
We saw on recent news that Lomography closed their London store front and its Paris location at the end of February. These recent closings concerned many in the film industry and sparked murmurings that Lomography was in financial turmoil. However, these murmurings could not be further from the truth.
After a conversation with Lomography’s marketing team, the decision to close the London and Paris store fronts were based on failed negotiations with its landlords. Both storefronts, located in prime real estate, shopping districts were locked into 5-year leasing agreements. The lease had expired and the landlords’ rental agreements were far more than Lomography had in mind. According to Lomography, locking in another long-term leasing agreement was not an option.
The decision did not come down just because leasing disagreements. Lomography marketing stated that internet sales have steadily increased in the past years and determined online sales yielded a better solution than storefronts. In addition to direct to consumer sales, Lomography also sells its Lomo’Instant cameras wholesale to retailers. The move included a business strategy that shifts focus to an international market than individual, localized, storefronts.
Lomography also mentioned these store closings are not new. In October 2018, the New York storefront closed and its operations transferred DUMBO, Brooklyn, New York. While these store closings may seem disconcerting, Lomography assured they have not left these locations. Business operations in New York, London, and Paris continue and will focus on meetups, collaborations, and promotional events for passionate Lomography fans.
When asked about its financial viability, Lomography stated all is well and mentioned they are not short of innovation. They reference their most recent kickstarter, the Lomogon 32mm f/2.5 for Canon EF and Nikon F mount cameras. The Kickstarter proved to be more than successful, surpassing their $100,000 project goal within 24-hours of its announcement by 200% .
Lomography certainly surprised many customers but they remain optimistic in their future and will continue to introduce new and exciting products for the film photographer community.