75-year-old department store brand closes forever

Department stores ruled the retail world.

Chains like Macy’s, Filene’s, and JC Penney anchored malls and drove people to shop.

When I was a kid, in the 1980s and 90s, these stores were a must. Whether you’re shopping for a suit, watch, or a variety of beauty products, you can get Macy’s great service wherever you go.

Over the years, however, online retailers, specialty stores, and other diverse retail options have made traditional department stores less relevant. This is not a one hit death. Instead, it’s death by a thousand paper cuts.

“Retail isn’t dead, but the model is old. Consumers want speed, convenience and personalization — things most malls just can’t deliver,” Laura Peterson, senior analyst at the Retail Economics Institute, told Alibaba.

The Internet has, of course, hurt traditional brick-and-mortar retailers, but not as much as you might think.

“At the end of the century, only $0.90 of every $100 Americans spent on retail items was spent online. In 2024, that average was $16.10,” reported USA Facts from Bureau of Labor Statistics data.

The numbers have grown, and it’s hurt the stores, but that’s only part of what drove many former mall anchors and department store leaders out of business.

“In 2024, Americans spent $1.2 trillion in online retail, or a record 16.1% of the $7.2 trillion spent on total retail. This is nearly two percentage points higher than in 2022, when 14.4% of retail sales took place online,” the website added.

Now, another iconic department store chain has closed its last store.

After 75 years of serving Ohio, the Value Store will close its doors for good at the end of the year. The chain, which specializes in menswear and tuxedos, bridal and prom dresses, and tailoring, has been owned by Ed Wimsatt and his wife, Nancy, since 1996, and they have decided to retire.

“I’m looking forward because it’s time to enjoy retirement and say it’s been a good run. I’ve met a lot of great people, had great customers, great employees. And that’s why we’ve been here a long time. But it’s time,” Wimsatt told Dayton 24/7 Now.

He tried to find a buyer for the department store but was unsuccessful.

“I’m grateful for the time I spent in the store. I wish I could have found a buyer. That would be my biggest disappointment. I know it can be done, but it just takes money and energy and I’m out of both,” Wimsatt explained.

The retailer once dressed future President John F. Kennedy.

“In 1959, John F. Kennedy was running for the Democratic Party nomination and was scheduled to speak at the Dayton Bar Association. The young senator didn’t realize the event was black-tie. Price Stores came to the rescue by sending a tailor to take his measurements and dress him for the evening,” Price Stores shared on its website.

While chains like Macy’s, Dillard’s, JC Penney, and a few others have survived, Price Stores joins a long list of retail chains that have not.

• files: Phased out as a brand after converting to Macy’s in 2006.

• of Marshall Field: Name retired/converted to Macy’s Inn 2006.

• of Strawbridge: Part of Federated’s rebranding of Macy’s 2006.

• of Hecht: Converted to Macy’s in 2006.

• Lazarus: Retired names and units converted 2005.

• Kaufman’s: Rebranded to Macy’s in 2006.

• Hudson (JL Hudson Company): Retired by Brand Early 2000sWith the final closure around 2001.

• gimbals: All shops closed on 1987.

• Gottschalks: liquidated and closed in 2009.

• Mervyn’s: outlets closed after bankruptcy (2009).

• Montgomery Ward: Surround operation off 2001.

• Elder-Bierman: The last shops closed 2018.

• Lord and Taylor: filed bankruptcy and closed all physical stores 2020.

• Shop: Bankruptcy filed and remaining stores closed 2019.

• Woodward and Lothrop: Completed in liquidation 1995.

• of Stern: Brand Retired / Converted 2001.

• AIIMS Department Stores: Bankruptcy and Closure 2002.

• Caldor: ceased operation by 1999.

• Boston Store (Bon-Ton Group): closed between liquidation In 2018.

• Carson Pirie Scott: Part of Bon-Ton closures in 2018.Retro Network

• Bergner’s/Younkers/Herberger’s: Closed during Bon-Ton liquidation 018 in 2.
  Source: Retro Network

There is no single answer, but many factors have caused malls and failed department stores to struggle.

The Covid pandemic forced malls to diversify, and that was bad for traditional retailers.

“The answer is all kinds of tenants who can pay more rent than most fitness centers, restaurants, and department stores, but now with the pandemic, everybody’s in trouble. But they’re in trouble and they’re in practically every single mall.” Rudolph Million, CEO of Woodcliff Realty Advisors, told RetailDiv about Macy’s struggles.

In addition, there may be too many stools.

“The U.S. has long been oversupplied with retail space. At about 24 square feet of shopping space per person—about five times more than countries like Canada or Germany—the market was volatile before digital competition intensified,” according to Alibaba.

As a result, malls lost tenants.

“This overcapacity meant that when demand shifted, weaker malls could not survive. Anchor tenants like Sears, JCPenney, and Macy’s began to hire, triggering a domino effect: less draw led to less foot traffic, which led to smaller retailers leaving, further reducing appeal,” the site added.

More retail:

When a mall rents an anchor, the impact can be devastating.

“When a department store closes in a mall or anchor location, customer count can drop by 20 to 25%, Strategic Resource Group notes.ging director Bert Flickinger CT Insider said.

• Established in 1950 As a menswear and formal wear retailer in downtown Dayton Fourth and Jefferson Streets.

• Expanded rapidly In the early years. The original store quadrupled in size within six months of opening.

• The price became known to the shops Quality formal wear and serviceEven the attire of notable figures (eg, helping John F. Kennedy in black-tie attire in 1959).

• Over the decades, it served the Dayton community by changing fashion trends from “high-style and mod” in the 1960s to business and special-occasion attire.

• in In 2020, the store moved from its longtime downtown location to CentervilleAdapting to changes in downtown retail traffic and business strategy.

• A 75-year run: The business continued to serve customers for three quarters of a century before its announcement Closing at the end of 2025 Among retirement plans.

• Heading to close, the store is on hold Major liquidations and inventory salesReflecting both the end of its local legacy and wider pressure on brick-and-mortar retailers.
  Source: Dayton Daily News

Related: 75-year-old fast-food chain closes 200 restaurants, fights for survival

This story was originally published by TheStreet on December 17, 2025, where it first appeared in the Retail section. Add TheStreet as a preferred source by clicking here.