One of the challenges in a downtown Chapters relocation is the lack of suitable retail space in the core that would be large enough to accommodate an Indigo/Chapters box store. The company itself is doing fine financially, and they are even moving into the US. But there just aren't any vacancies/openings for large-format retail.
I predict that the company will open a small-format "Indigo Spirit" location downtown whilst moving the Chapters/Indigo full-size store to Mayfair.