The retail industry has been placing a lot of pressure on many stores, including stores like Home Depot and Lowe’s. However, not all retailers have the capacity to withstand these pressures, and some come to the point where they close their doors. This is the case with one of the hardware chains’ rivals, which has been in existence for 117 years. Unfortunately, the store has been forced to close its doors, leaving the hardware store’s long-time consumers heartbroken.
Details about the store closure
Beloved store, which is a 117-year-old rival of Home Depot, is closing, liquidating to be specific. The hardware store’s longtime consumers are absolutely heartbroken about this closure. In any neighbourhood, people can expect to find a mixture of national chains such as Home Depot and mom-and-pop stores. While a retail giant like Walmart or Dollar General might have the lowest prices, there is something that can be said for shopping locally.
In addition, when consumers may walk into a mom-and-pop store, they will know the owners care about getting their business. Hence, while customers may pay a few dollars more for the products they are purchasing, in return, they may receive better consumer service, along with superior quality.
Costco’s rival is closing its doors
In Mechanicsburg, Pa., consumers are used to walking into Ritter’s True Value Hardware where they are expecting to find their household essentials and home-improvement needs. But now, the iconic store made an announcement about its permanent closure after a successful 117 years in business.
Ritter’s is holding a liquidation sale to get rid of some of the company’s inventory before it closes its doors for good. The owners of Ritter’s have been playing around with the idea of closing the store for quite some time. Now, they have finally made their decision official. The store manager Phil Shearer made a statement to The Street. He stated that “It’s obviously sad. It’s a staple of Mechanicsburg borough; our loyal customers are upset. We’ve dealt with them for 40-plus years.”
Competition in the retail industry
It is important to note that having big retailers such as Home Depot, coming into town and drive small businesses out is a tale as old as time. Although these has been such a fixture in the community, over the past decade and change, Ritter’s has struggled to keep up. The competition has always been significant for the retailer when it comes to retail giant competitors like Lowe’s and Home Depot, both of which are just minutes away.
In addition, there has been questions about the point-blank if Home Depot and Lowe’s were the drivers of the decision to close Ritter’s for good. Shearer tried to answer this and told The Street, “There’s a lot of factors that played into it. That would be one of them.” However, reality is that even if Ritter’s owners had additional reasons behind the closure. It is difficult to look past the fact that as national chains and big-box stores expand, small businesses will continue to struggle to remain afloat.
According to Business Initiative, there are about 32.4 million family businesses in the United States. Although that amount may sound like a lot, the reality is that all it takes is a single Target, Home Depot, or Walmart to come into town and many smaller stores will feel the pressure. The store has been expected to have its final closure on September 30.
However, Ritter’s indicated that its final day of business could have been sooner than that because it all depended on whether the company has any inventory left. Since the announcement has been made public, about the store’s closure, consumers have been flooding the store, both to stock up on discounted merchandise and say goodbye.