Capital Iron to close after nearly 90 years in Victoria

Capital Iron in Victoria is shown. April 11, 2018. (CTV Vancouver Island)

The owners of the iconic Capital Iron business in Greater Victoria announced Friday that its stores will be closing Dec. 17, after being in operation since 1934.

The closure affects the long-time downtown Victoria location on Store Street and the location in Langford on Langford Parkway.

On Monday morning, Capital Iron owner Mike Black told Victoria radio station CFAX 1070 that the decision to close the business was difficult.

He cited changes in the retail industry, the increased popularity of online shopping, supply chain issues, staff shortages and inflation as the reasons for the closure.

The business – which carried everything from fishing and marine gear to patio furniture, barbecues and kitchen supplies – had been family-run since its opening nearly 90 years ago.

The Capital Iron building in Victoria is shown. (CTV News)

The building and surrounding property is owned by developer Reliance Properties.

In a release Friday, the developer said it offered Capital Iron a long-term lease without rent increases and was looking forward to working with the business.

There are no immediate plans for the Capital Iron buildings, however, there are potential plans for the area.

Reliance Properties has proposed plans to develop the surrounding 6.7 acres into a major development that could provide space for a new Art Gallery of Greater Victoria.