The iconic downtown Kitchener building that housed the Budds clothing store for over 80 years has been sold.

The store, which has been empty since January, was sold to a new owner in a deal set to close mid-July.

"I think we're going to see something really good happening to that building," Howie Budd told CBC News. "We spent so much time and energy and we want to make sure whoever buys it carries on the tradition. And does something to improve downtown Kitchener."

Budd says they took their time finding the right buyer to take the building. They wanted someone who had a good feel about the downtown area and would be part of its revitalization.

"One of the values we were looking for in the purchaser is someone who was respectful, ethical and had a good family value. As well as having a pretty sharp mind in operating a business or building," Budd said.

The Budd family says it's had considerable interest in the building, which has been on the market since January of this year. But it wasn't until they met the new owner that they had felt they'd found the right fit, Budd said.

The family has already sold their Guelph location and negotiations are now underway to sell its store in Simcoe.

Retirement

As for retirement, Budd brothers Howie and Stan say they haven't had a chance to think about it. They're still in the midst of cleaning out the store.

For now Howie is looking forward to continuing to spend time volunteering with the regional small business office at Kitchener City Hall, mentoring others who are starting their own retail businesses.

"I'm helping them figure out all the obstacles that they're being confronted with," he said. "I'm enjoying that."