Within the past five years, five businesses in Radford have closed up shop.
A popular dessert shop beside BTO’s called the Sugar Shack closed down this summer after struggling to stay afloat. Radford Pawn and Coin, which was located right beside the local BB&T, closed down this summer. Skin and Ink tattoo parlor closed down during the spring semester.
Many businesses that remain open have suffered a drop in business during school breaks. As the owner of Crumb n Get It said in an informal interview, “Things get pretty slow in the summer… we have to give our student hires the summers off.”
Other business owners, like the previous owner of the Sugar Shack and the owner of BTO’s Frozen Yogurt, have mentioned this as well.
The Radford foundry is also closing up shop later this year, as mentioned in a previous article. Richard Pacini, Grede Industry’s PR representative, made a statement early this September about the closing. “It was really the lack of competitive cost structure within the plant and the state of the economy that led us here,” he said. “This was purely a business decision.” More than 250 workers will soon be unemployed because of this decision, and it’s likely that the foundry’s closing may make it difficult for other businesses to continue operation because those businesses will have to go outside the area in order to get the supplies they need to continue business.
The effects of these recent closings will be felt for some time. The Radford foundry provided products for various businesses all over the New River Valley. Many businesses, such as restaurants and retail outlets, will have to spend more money to get the same products elsewhere. As a result of the recent string of closings and the state of Radford’s economy, investors may be more hesitant to put money into the New River Valley.