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Ludewig's Hardware is set to close after more than 100 years in Teaneck, the shop's owner confirmed Tuesday.
Merrick Fradkin, the owner, said the difficult decision was prompted by a shrinking customer base and rising costs.
"The whole mentality of people going to a small business has stopped," he said. "A lot of people are just after price rather than service and quality."
A final sale is set to begin March 12, Fradkin said. The shop will likely shut down in early April.
"It got to the point where I was in business to pay bills and that's just not the right way to go about it," Fradkin said in an interview.
The store has been in Fradkin's family for 45 years. Fradkin took over the store from his father in 2000.
"If you just look at the number's it's an easy decision," Fradkin said. "Once you add the emotional factor in that makes it extremely difficult."
Fradkin described the decision as an "emotional roller-coaster."
"I'm upset that it had to come down to this because I do care about the community and it needs a hardware store," he said. "Business-wise it's the right thing to do, but emotionally it just doesn't feel right."
Fradkin's family owns the store's Queen Anne Road building, which is up for sale.
The shop has a reputation locally for going beyond just selling hardware essentials, offering customers personalized service and advice on projects.
Ludewig's has become the latest longtime Teaneck small business to shut down. Cedar Lane Cinema's and Louie's Charcoal Pit closed last year.