What is The Well of Lost Plots in novel, The Well of Lost Plots?

The Well of Lost Plots is similar to a town with shops where characters peddle their wares for the stories in the BookWorld. Just as in the Outland, there is illegal trading and selling that occurs in the Well. The Well is also where the Text Sea is located, which is where words are essentially fished for stories. When books are demolished, they are broken back down to words and cast into the Text Sea.