Capital Iron shut its doors and locked up for the very last time Saturday afternoon, after almost a century in business.
The long-time family-run business ended its nearly 90-year run.
Mike Black, president and owner of Capital Iron, called it the hardest decision of his life.
“It is very, very sad to see that happen,” he told CHEK News on Oct. 15. “We’ve been in business here in Victoria for 88 years and we’ve become a part of the fabric of the community. I won’t use the term end of an era, but in some ways, it is.”
It wasn’t one single reason that lead to Capital Iron’s closure, but a multitude of factors such as supply chain issues, inflation, and climbing costs.
“It starts to add up,” he said. “Everything has gone up in costs. The cost in freight, our property taxes, our business insurance, the employer health tax that the province downloaded and then we have to start paying people more. It just keeps adding up.”
READ MORE: ‘Very, very sad’: Capital Iron closing its doors after nearly 90 years in business
The company opened its doors in 1934 as a scrap metal business called Capital Iron and Metals Limited, and later became a beloved general and outdoors store in Greater Victoria.
The site is owned by Reliance Property. The developer has announced plans to redevelop the entire site but the Capital Iron building would remain.
Capital Iron’s flagship store was located on Store Street in downtown Victoria, the second location was in the West Shore at 975 Langford Parkway.
The Langford location also closed earlier this month.
-With files from Nicholas Pescod
CHEK News
