Today WRAL reported that one of Raleigh’s oldest retail business will shut its doors. Jolly’s Jewelers opened its doors in 1881, but Frank Jolly Ragsdale is retiring, according to the report, and the business will close.

I have mixed emotions here. I was always a big fan of Ragsdale’s brother-in-law, the late Jerry Young, and followed him from Jolly’s in North Hills Mall to his own store in Cameron Village. He sold that store to Rocky Mount’s Clyde Bailey, and it still remains an excellent store. In the face of Cameron Village’s shift toward more chain retailers, Ragsdale moved Jolly’s to a showcase location in the new North Hills as one of the center’s first tenants. The location was highly visible and made a great statement about both the quality of shopping in North Hills and the center’s dedication to local retailers. However the interior of the store always felt awkward and cold, and I only entered one time.

Emotions aside, it is easy to believe that the jewelry business is terrible now. The price of gold ( chart ) has skyrocketed more than 700% in the last ten years. Couple that with a poor economy and you get a one-two punch that is sending many local dealers out of business.

Some also ponder the viability of brick & mortar retail in a shopping center like North Hills which is notorious for high ( really high) rents. We recently saw Tyler House’s closing, and one has to wonder if the dam isn’t finally breaking on the backs of many other high-end retailers.

What comes next for the space in North Hills? Another Italian restaurant? Just kidding. I always thought that corner would have been perfect location for a two-story Barnes & Noble as nice as Triangle Town Center’s. Alas B&N’s mistaken evaluation of the market (even before Amazon starting slicing them to pieces) concluded that the pitiful Crabtree store is enough for this part of Raleigh. Ironically a private book store just opened next door to Jolly’s, but I wouldn’t bet on their ability to expand into Jolly’s space.

Most likely another jeweler will take the space. Until that time, Jolly’s will begin their store clearance sale tomorrow.