Franquinha’s testimony provides insight into Crest’s demise. Not least: “Unfortunately, our real estate partners did not give us the opportunity to renew our lease and decided to sell the property where Crest is located,” he writes. But he also cites other points that contributed to the decision to close the business founded by his father and uncle. He points to the obstacles facing small businesses in general and in New York City in particular. He also hints at challenging macroeconomic obstacles. “The decision not to relocate reflects broader trends of rising commercial rents and the challenges of running a small business in a rapidly changing urban landscape.” He adds that trying to recreate Crest’s “magic” in a different location would be too elusive.
Learning from Crest’s legacy
Despite the unfortunate news, there are certainly some encouraging, uplifting takeaways from Crest’s incredible, against-all-odds success. First, perhaps that home improvement stores can still be community-focused sources of real connection—though it does require intentionality and personality. Crest seemingly brought people from all walks of life together through its events (including weddings) by catering to artists, DIYers, and other creative people of all kinds. Friendly, helpful service, as well as an eclectic mix of products tailored to their specific customer base, were, by all accounts, the foundation of the entire operation. As the Post writes, “Crest’s assortment evolved from there to include cookware, housewares, art supplies, and even popular Crest-branded clothing designed by Franquinha’s wife, Liza.”
Second, Crest’s heritage shows that it is fearless in trying new things. A good example of this is when Franquinha considered building a new garden area. As we reported back in 2018:
This is where the garden came in. In 2007, he tried to convince his father of the idea, but his father was not convinced by the concept. When his father went on his first long vacation in 25 years, he started building the garden center anyway – installing beams, a pergola and an overhang.
“I thought I was going to get a pat on the back or a termination, but I got neither,” he said. “He just said, ‘You better make this work.'”
Today, says Franquinha, the garden accounts for about a third of the store’s sales.
What worked for Crest for decades may not fit in more rural areas. In fact, their game plan may not work in other urban areas. But I guess we won’t know for sure, because that’s the kind of thing that gets lost when a home improvement store closes its doors.
