A MAJOR furniture store is shutting down after 54 years in operation, but there’s some good news for shoppers.
H&H Furniture was a mainstay in downtown Yakima, Washington, since it originally opened in 1969.
However, now the family business is closing its doors for good, beginning liquidation sales this week.
The one silver lining for the shoppers who’ve come to know and love the brand is that the store’s furniture will be marked down significantly in the weeks leading up to the closure.
All items will be placed at up to 70 percent off.
A variety of factors came into play when it came to why the beloved furniture company has to shut down, according to current owner Mark Petersen.
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The coronavirus pandemic stunted brick-and-mortar shopping demand across nearly all sectors.
And in the aftermath of that, shoppers are reeling in their spending money due to near-constant sky-high rates of inflation.
This, plus the rise in online shopping, created the perfect storm for a beloved brick-and-mortar business like H&H to fall under.
“I haven’t really dealt with an inflationary period. The last time was back in the early 1980s when I was in college,” Petersen told The Yakima Herald. “The inflation now is causing all the discretionary income to go to shelter, food and fuel. And I deal with discretionary income.”
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“So my plan is to try to have a soft landing instead of a crash landing,” he added. “That’s one of the factors that are going into my decision.”
A LONGSTANDING LEGACY
Petersen originally took over the furniture business from his parents Howard and Joyce Roy, who established the shop in 1969.
Changing three locations over the years, the store quickly became a main fixture in the community, supplying the furniture for any room or occasion.
Over the years, H&H Furniture even tested out a furniture rental program, which expanded across several cities in the state.
H&H Furniture was set to close in the 1980s, but once Petersen joined his parents in the business, he started to envision a pathway forward for the brand and its rental program.
“I was just supposedly here to help close it out, but I saw the potential of the rental business,” Petersen said. “That ended up taking over most of the business over the years.”
Furniture stores, like a majority of retailers, have been acquired and dominated by national chains, leaving many mom-and-pops out in the dust.
In recent years, the situation has been exacerbated by the pandemic, which opened many shoppers’ eyes to the pros of online shopping.
This has escalated the precarious financial situation brick-and-mortars already found themselves in.
“The internet has without a doubt changed things,” Petersen said. “And I think what accelerated its impact, also beyond a doubt, was COVID, where people couldn’t come out.”
As H&H begins its liquidation sales, Petersen anticipates all furniture will be gone by early June.
TVs, appliances, and bed and mattress sets are likely some of the best deals you can claim.
But H&H Furniture also said shoppers should expect some massive savings on dressers, washers and dryers.
RETAIL APOCALYPSE
Both independent stores and retail giants alike are experiencing financial difficulties coming out of the pandemic.
Over the next three years, Macy’s announced it will close a total of 125 locations.
That will mean nearly a fifth of their U.S. stores will be gone by the end of 2023.
At the beginning of 2020, there were 777 Macy's and Bloomingdale's storefronts still in existence. But now, the company has its eye on just 650 stores across the US.
Even Walmart has been forced to close its low-performing storefronts.
Four new closures were announced in Chicago, leaving many shoppers with one less place to find affordable groceries.
"The simplest explanation is that collectively our Chicago stores have not been profitable since we opened the first one nearly 17 years ago," Walmart said in a statement.
But that’s just the tip of the iceberg as Walmart looks to get rid of more even more stores this month, all of which couldn’t keep up with financial expectations.
An Everett, Washington Walmart will shutter on April 21 alongside locations in South Bend, Indiana, Brooklyn Center, Minnesota, and Honolulu, Hawaii.
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An iconic jewelry store and beloved family business is also shutting down in Arkansas.
And another mom and pop had to say goodbye to customers in Iowa after 42 years in business.
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