Weyburn residents are losing a familiar shopping destination with the announcement this week that Peavey Mart will be closing all its stores nationwide, including the local outlet. The closure marks the end of a long-standing retail presence that has been a staple for farmers, home renovators, and pet owners alike.
Golden West business commentator Paul Martin spoke with Discover Weyburn about the closure and its broader implications, particularly for rural communities that have relied on Peavey Mart for agricultural supplies and hardware.
“This is an iconic company,” Martin explained, adding it's a natural fit for the agricultural sector. However, he noted that demographic shifts have played a role in the company’s struggles. “Rural populations have been in decline. If that's where their primary market base is, then that's been eroding for them, too.”
Martin pointed out that technological advancements in agriculture have contributed to the declining number of farmers, which, in turn, reduces the customer base for businesses like Peavey Mart.
“We just have much bigger equipment today that we've invented largely in this part of the world, and it doesn't take as many farmers to till the land base we've got. It's just that simple, and so fewer farmers means fewer customers for Peavey Mart.”
While Peavey Mart’s closure is significant, it is not the first time a Prairie-based hardware and agricultural retail chain has faced such a fate. Martin referenced the case of Beaver Lumber, which was eventually acquired by Home Hardware. However, at this stage, there has been no indication of a buyer stepping forward to take over Peavey Mart’s operations.
"They do have an agent that's been charged with restructuring, and they will be, no doubt, shopping the market but this is pretty early in the game,” noted Martin. “I think they had done a reasonably good job of keeping their financial woes undercover.”
He added he wouldn’t be surprised if an investor or another retailer who had the capacity to diversify the product mix stepped in to buy the company, given its name recognition and reputation.
Beyond the immediate business implications, Martin emphasized that the closure highlights a broader challenge facing rural communities—population growth. This is a concern that has been raised in Weyburn before, and it ties into efforts such as the ‘Why Not Weyburn?’ campaign, which aims to attract more residents and businesses to the city.
“I think back to the 'Why Not Weyburn?' campaign,” Martin shared, referencing an initiative that aimed to attract new residents and businesses to the city. “I think those kinds of things work really, really well. You need a consensus in the community that growth is the issue, and I think with the new mayor, that's something that he's been vocalizing, and I'm encouraged to hear that.”
There have been no timelines announced as of yet for the closure of the 12 retail locations in Saskatchewan, including Weyburn.