Word that Peavey Mart is going to close up shop is probably more of a statement on demographics than the state of the retail environment.
This is the latest in a string of recent retail closings – some of which is still a residual effect of COVID which impaired the balance sheets of many firms. Add to that the shift towards on-line shopping – even though it is still less than 10-percent of all retail activity, it is just one more challenge for retailers.
But, in the case of Peavey Mart, it might just be demographics. And none has been more dramatically impacted than farming, the mainstay of the venerable firm’s customer base. One hundred years ago, one-in-two jobs in Canada was in agriculture. That dwindled to one-in-five, four decades ago. Today, it is less than 2-percent.
One reason we have become more urbanized is technology. Larger farm equipment has reduced the number of farmers required to till our land base, prompting a shift to employment in cities and towns. And, when the number of farmers declines, firms such as Peavey Mart feel the pinch.
