Just two years shy of its centennial birthday, General Hardware on South Broadway in Denver will close its doors in November.
Co-owner Reiny Brester said the downturn in the economy and competition from big-box stores prompted the decision he made with his business partners, the Stone and Morein families. They have opted to sell the land, which is worth more than the store was generating in revenues.
“It’s the right thing to do at this time,” Brester said. “You wish it hadn’t come to this, but we did not want to continue running the business if the downturn continues. We sure didn’t want to be affected by that.”
The property, just less than an acre on South Broadway between Center and Exposition avenues, is for sale for $3.25 million. The store generated $2.5 million in sales last year, a decrease from previous years.
“That is the sad reality,” Brester said.
Customers and friends are already lamenting the loss of the neighborhood store. Some have come in with stories and tears, Brester said.
Initially, the owners tried to sell the store, which is part of the True Value membership cooperative, to save jobs and keep the store open, but buyers weren’t solid or needed more time. A majority of 14 employees have been there more than 22 years.
“It was the toughest decision I’ve ever had to make,” said Brester, the only owner who works at the store. “My staff is certainly one of the reasons, and our customers, who we can’t thank enough.”
Elizabeth Aguilera: 303-954-1372 or eaguilera@denverpost.com
