In an emotional statement shared on social media, Smith & Caughey’s revealed that 98 employees will be affected by the closure of both their Queen St retail store and online platform.
Last year, the company shut down its Newmarket branch and downsized its CBD location to just one floor, citing financial struggles as the driving force behind these decisions.
The closure was attributed to a combination of factors, including heightened competition from modern shopping centers, ongoing economic instability, and a decrease in consumer confidence and spending power.
Smith & Caughey’s also noted the shift in work dynamics post-Covid, with many office workers opting to continue remote work, leading to a decline in foot traffic in the city center.
Furthermore, the company highlighted the challenges posed by extensive roadworks and delays in the City Rail Link project, which resulted in traffic congestion and hindered accessibility to the store.
The significant decrease in pedestrian activity on Queen St, coupled with rising parking costs, ultimately contributed to the difficult decision to cease operations entirely.
Acting chief executive Matt Harray expressed deep regret over the closure, emphasizing the team’s efforts to explore all possible solutions to sustain the business.
Despite their best endeavors, it became evident that maintaining the business was no longer feasible.
The online store is set to cease operations on May 30, marking the end of an era for Smith & Caughey’s.
