The Sears Canada dealer in Yellowknife is set to close at the end of the month.
David Lucas, who owns the store alongside his wife Michelle, cited rising costs and declining sales as a reason why.
The family has run the branch on Old Airport Road since 2004, but says they’ll be closing up shop for good on July 29.
“For the last few years our income hasn’t been increasing but all the expenses have so it’s a financial decision,” David Lucas told Moose FM.
“We just can’t afford to keep it going for the amount of space and how much we have to pay for it here.”
Seven years ago, the Lucas’ moved the store to a new location on Old Airport after outgrowing the former site.
“We moved up the hill and did well for the first couple of years but then sales started declining and expenses started increasing.
“Since we moved up here rent has tripled and so have utility costs and now we’re looking at rent increases for the next two years and increases to power costs which are large for us.”
Lucas, who also works at the H&R Block in town, says he doesn’t know what his family will do next.
“It’s devastating,” he said. “I’d prefer not to leave because we love Yellowknife.
“We always had the Christmas rush which made September to December go by so quickly. You’d be surprised by how many people come through those doors and remember you by name.
“It’ll be heartbreaking not to see them anymore.”
Recently, the owners of Yellowknife’s KFC franchise revealed that they too will be closing up shop. The popular fast food restaurant will serve its last piece of fried chicken on August 23.