Peavey Mart, which operates nearly 100 farm and ranch retail stores across Canada, has announced it will be closing, citing “unprecedented challenges” in the retail industry.
The Red Deer, Alta., based company recently announced the closure of 22 stores in Ontario and Nova Scotia but, on Monday, said its 90 Peavy Mart stores and six Mainstreet Hardware locations would also close.
“End of an Era,” said Doug Coonfer while shopping at the High River Peavey Mart on Tuesday.
“I’m sad,” said fellow shopper Mark Johnson. “I grew up in Okotoks on a farm and I’ve been dealing with Peavey Mart at least 50 years.”
“This was a profoundly difficult decision, but one that allows us to explore the best possible alternatives for the future of the company,” said Doug Anderson, president and CEO of Peavey Industries LP in a statement.
In the release, Peavey Mart said the choice was made because of low consumer confidence, high inflation, rising costs, supply disruptions and “a difficult regulatory environment.”
Experts point to the potential for upcoming tariffs and changes to domestic regulations as other potential influences.
“Tariffs for sure,” said Eric Myers, a finance instructor at Mount Royal University. “But also regulatory forces at a micro level, within the entire industry, too.”
The head of Peavy Mart added:
“For nearly six decades, our customers' loyalty, employees' dedication, and the resilience of the communities we serve have been the cornerstone of our business. We remain focused on working with our partners and stakeholders to preserve the Peavey brand and the value it represents.”
The Websters from Diamond Valley – longtime Peavey Mart shoppers – say they are disappointed.
“Feels sad that it has to go,” said Ron Webster.
“We’re losing too many of our small stores,” said Dannie Webster.
Headquarter in Red Deer, Peavey Mart got its start in Dawson Creek, B.C., in 1967.
Nowadays, more people are choosing to do their shopping online and ordering to their doorsteps.
“It’s greatly shifted towards being more digital, as opposed to a traditional kind of brick and mortar” said Meyers.
The closures and liquidation at all its stores will begin immediately, officials said.
“It’s kind of going to restrict where I can get certain items now,” said Coonfer. “I think we’re going to have to split it between UFA, Home Hardware and Mark’s Work Warehouse. So three places instead of one now.”
Peavey Mart said it would work with funders, partners and stakeholders to preserve its brand.
The company did not say how many employees would be affected by the closures.
