Urgent: Iconic Hardware Stores Close as Market Faces Crisis

UPDATE: The home improvement retail landscape is facing a severe crisis as iconic hardware chains announce closures amid declining sales projections. Notably, Jerry’s Hardware & Rental will shutter two locations in Minnesota by December 31, 2025, following the permanent closures of Carnation Ace Hardware in Washington on October 25, 2025, and Ritter’s True Value Hardware in Pennsylvania on September 30, 2025.

Experts warn of a grim future for smaller hardware retailers as macroeconomic challenges take their toll. A recent report from the Home Improvement Research Institute indicates a drastic reduction in growth projections for the home improvement market, now expected to be just 2.5%, down from earlier estimates of 3.4%. This decline is primarily attributed to persistent inflation, rising mortgage rates at approximately 6.25%, and a sharp 5.3% drop in housing starts.

The closures of these beloved local stores reveal the stark reality that smaller players are struggling to compete against giants like Home Depot, which commands a staggering 29% market share, alongside Lowe’s at 17% and Amazon at 11.9%. With diminished consumer demand for home improvement products, many historic stores are unable to sustain their operations.

Among the most heartbreaking closures is Kreuger’s True Value, a fixture in Neenah, Wisconsin, which announced it would permanently shut down within the next year after failing to find a buyer for the business. Owners Jim and Brian Webb expressed their retirement plans but faced insurmountable challenges linked to market demand.

As a part of the Do It Best Corp. cooperative, Jerry’s Hardware has served the Twin Cities area for more than five decades. However, its decision to close stores in Maple Grove and St. Louis Park underscores the ongoing struggles faced by independent retailers. Following these closures, Jerry’s will retain locations in Eden Prairie, Bloomington, and Edina, but the future remains uncertain.

The ripple effects of these closures will be felt across communities, as local jobs vanish and residents lose cherished shopping destinations. With fewer homes being built or renovated, the demand for hardware products continues to dwindle, making survival increasingly difficult for smaller retailers.

As this situation develops, the industry will be closely monitored for further announcements from other retailers. The home improvement market is at a critical juncture, and the next few months could determine the fate of many remaining independent hardware stores. Stay tuned for more updates as this urgent story unfolds.