LAKE WORTH BEACH, Fla. — Another longtime business in Lake Worth Beach is shutting its doors for good.
More 4 Less Wholesale and Retail, a small clothing store known for its affordable cultural fashion, will close by the end of June. The store has been part of the community for the past eight years, but the co-owner says a challenging economy and changing consumer habits made it increasingly difficult to keep up.
WATCH: Gesly Georges shares economic challenges with WPTV
"It took us six months to really make this decision," said co-owner Gesly Georges. "But you know, when it's your baby, it's hard to let it go."
Georges tells WPTV that while the business was doing "just enough" to keep up with overhead, it wasn't enough to survive long-term. He points to declining foot traffic, limited local interest, and the growing dominance of online shopping as major obstacles.
"We tried social media, all different types of marketing, but it was still difficult," he said. "People may not be interested in what we are offering."
And Georges isn't alone. According to the U.S. Bureau of Labor Statistics, about 20% of new businesses fail within their first year, and only around 35% make it to the 10-year mark. Local business leaders say preparation, location, and access to capital are key factors for long-term success.
"Usually, it starts with the economic volatility of this market," said Kelly Smallridge, President and CEO of the Business Development Board of Palm Beach County. "But it also starts with making sure they set up their operations in the ideal locations, that they did market research before launching, and that they had the capital and knowledge to compete."
Smallridge says first-time entrepreneurs and small business owners should take advantage of available resources.
"A good location for one company is very different than a good location for another company," she added. "Reach out to your business development center, reach out to you chamber of commerce, it may take several months, but it's better than starting your business, using capital, and then having to close your doors.
Despite the closure, Georges says he's walking away with valuable experience—and hopes to apply those lessons in the future.
"Right now we're trying to liquidate everything," he said. "We started packing some of the stuff. By the end of June, we should be packed up and everything should be out of here."
More 4 Less is one of several small businesses in Lake Worth Beach to close in recent months as local entrepreneurs continue navigating economic uncertainty and shifting community needs.
