Royal Stone, a Richmond stone supplier that has called the city home since 1999, is closing down in October.
The owner told the Richmond News the business has been under pressure for years due to “cut-throat competition” on pricing in the industry, which has cut into its profits, and the higher operational costs and lower demand the business has experienced since the pandemic has made the situation worse.
He didn’t, however, provide details about the “cut-throat competition” in the industry but said it’s pushing businesses like his out of the market.
Royal Stone has informed its vendors about its closure.
Chi Him Chan, who has been a vendor of Royal Stone for 20 years, said the company has been a leading stone supplier in Richmond and it’s “very unfortunate” that it’s closing down.
“I will have to go further [to get supplies]. And we always work together, we know how each other works, which makes doing business together easier,” said Chan.
He is concerned that having fewer companies in the market will mean the remaining ones will have a bigger say on pricing.
Royal Stone at 12720 Bathgate Way has a 60,000-square-foot warehouse, more than 500 stone products including granite, marble, quartz, onyx, limestone and soapstone slabs and has served around 160,000 customers, according to its website.
Its stones are used for kitchen countertops, bathrooms, flooring fireplaces and entryways.