"It is sad to have come to this point, even though the economy shows some early signs of recovery," says Shearer, "the escalating economic fall-out from 9-11 coupled with the current state of the global economy has proven too much to continue to support a retail effort in lower Manhattan at this time."

The store, located in Manhattan's historic Tribeca, carried contemporary design from around the world and became known as a motivating force in the New York design community, launching many new designers and manufacturers with its educationally driven schedule of exhibitions and design events. The Totem store opened on Franklin Street in 1997 and was soon followed by other design companies such as Dune and R-20th Century who helped to make Tribeca a design destination. "I will continue to promote good design through educational means by organizing design exhibitions, producing symposia, and documentary films related to design and architecture." says Shearer.