Hardware stores used to be community hubs, offering more than just supplies. The market has shifted towards big-box chains like Home Depot and Lowe’s. The number of hardware stores in the US is declining, with fewer independently operated ones. Independent retailers face challenges with succession planning and declining sales.

Tupelo Hardware, a staple in its community for nearly 100 years, is closing its historic downtown store on December 31. The decision was made to preserve the business by moving to a new location. The closure reflects a broader trend of stores moving away from downtown areas due to changing consumer behaviors.

Factors like population shifts and remote work are contributing to the closure of retail stores. U.S. retailers have seen a 69% increase in closures compared to the previous year. The primary reason for closures is the failure to align with changing consumer demand. Stores like Tupelo Hardware are adapting to these shifts by relocating to areas with better customer access.

Read more at Yahoo Finance: 99-year-old Lowe’s and Home Depot rival closing its doors forever