Lord’s Department Store, the longtime retail anchor of Main Street in Medfield, is shutting down in February after 73 years in business. Tom Kelly, who runs the 10,000-square-foot store with his sister, Nancy Kelly-Lavin, said the format — featuring an old-fashioned soda counter, and small departments with toys, sporting goods, clothing, hardware, and candy — was still profitable, but they were ready to move on.
The family sold the property to Dedham developers Salvatore Capital Partners. It’s unclear how the company plans to use the space.
Kelly and Kelly-Lavin had discussed closing the business with their father, William J. Kelly Jr., who died in May and had worked at Lord’s most of his life. The elder Kelly worked with the store’s founder, Raymond Lord, for decades and bought him out in the 1980s.
“Business was a lot harder with the economy, rules and regulations with all the health care stuff, and the time commitment,’’ Kelly said. “As a small business, you have to make changes and adjust with the times. We did. But my sister and I want to go out on a high note. It’s just time.’’
A going-out-of-business sale is expected to begin next week, and the store is scheduled to close Feb. 28.