Three retail giants—Home Depot, Lowe’s, and Amazon—now dominate more than half of U.S. home improvement spending, with Home Depot at 29%, Lowe’s at 17%, and Amazon at 11%. This 57% market consolidation marks the most concentrated period in the industry’s history, squeezing independent hardware stores that once thrived in local communities.
Century-Old Closures Surge
Over the past 18 months, a wave of shutdowns has hit some of America’s oldest independent hardware retailers. Krueger’s True Value in Neenah, Wisconsin, a 159-year-old store, began a 12- to 16-month liquidation in July 2025. Ritter’s True Value in Mechanicsburg, Pennsylvania, closed after 117 years on September 30, 2025. C&H Hardware in Yakima, Washington, shut on November 26, 2025, citing rising costs and online competition. Carnation Ace Hardware in Washington, open for 56 years, closed October 25, 2025, upon the owner’s retirement. These closures stem from declining foot traffic, thin margins, and unbeatable online prices, accelerating a trend beyond past downturns.
True Value’s Downfall
The 96-year-old True Value cooperative, which supported thousands of independent stores, filed for Chapter 11 bankruptcy in October 2024. Do it Best Corp. acquired it in November 2024, aiming to provide stability through vendor deals and distribution. However, member stores—still independently owned—faced disruptions in supply chains and pricing amid weak demand and e-commerce growth. The cooperative model, once a bulwark against chains, now offers uncertain protection.
Succession Challenges Emerge
Many surviving stores trace roots to the 1940s and 1950s, run by third- or fourth-generation owners whose heirs have chosen other paths. Unlike chains with deep leadership benches and capital, these shops rely on personal investment. When elderly owners retire, buyers are scarce: franchises resist sale, staff lack funds, and big retailers ignore them. This quiet succession gap claims more stores than overt competition.
Benjamin Brothers Winds Down
In Tenafly, New Jersey, Benjamin Brothers True Value Hardware, opened as a lumber yard in 1946 and expanded to full retail in 1963, plans to close January 31, 2026. After 80 years, its owners posted on Facebook: “After 80 years of service, we have made the difficult decision to close our doors on January 31, 2026.” No bankruptcy or fire sale preceded the announcement; house accounts ended December 31, 2025, and returns stopped January 1, 2026. The store offered community-tuned expertise on local plumbing, landscaping, and family needs, now 15 to 20 minutes from the nearest Lowe’s or Home Depot. Elderly residents, busy parents, and contractors lose quick, personalized access amid big-box mazes and online waits.
E-Commerce and Consolidation Pressures
Online shopping has upended hardware economics. Customers compare prices instantly, undercutting independents’ convenience edge—a plumbing fitting at $8.99 locally sells for $6.49 on Amazon with two-day delivery. Contractors shift to chain volume discounts, eroding a key revenue stream. Independents’ 30-40% full-price margins cannot match 25-30% savings elsewhere. Adaptation attempts, like e-commerce sites or same-day delivery at Ritter’s and Krueger’s, faltered without scale. Job losses exceed 100 across recent closures, alongside reduced local taxes and downtown vitality from stores generating $2-6 million yearly.
These shifts leave gaps for customers shunning big boxes or lacking online access—elderly homeowners, rural dwellers, and urgent-need contractors. As chains thrive on stable traffic and rising tickets, independents face narrowing options. The question lingers: who fills the void in underserved areas, ensuring the last mile of service endures?
Sources:
Numerator Home Improvement Tracker
NBC26 Historic Neenah hardware store closing after 159 years in business
TheStreet Beloved hardware store closing after 117-year run and 80-year-old Home Depot rival shuts down location, no bankruptcy
MDM Do it Best Closes True Value Acquisition
BusinessofHome 2025 starts with a 1,000-plus store closing thud