Jesse Garza

Milwaukee Journal Sentinel

George Watts & Son Inc. and The Watts Tea Shop Friday announced that its downtown Milwaukee location at 761 N. Jefferson St. will close Dec. 31.

The company, established in 1870, will continue to operate as an online entity and will offer specialty goods that have been hallmarks of the brand for more than 140 years, according to a statement from the company.

“The decision to close the store and restaurant were difficult but necessary steps in the evolution of our company,” Sam Watts, CEO of George Watts & Son Inc., said in the statement.

Both the retail storefront and restaurant will remain open, with normal operating hours, until after Christmas Day, and operations in the building after that will be intermittent, as the space is transitioned for the next occupants, Watts said.

The building and other holdings will continue to operate under the Watts Family name and umbrella, and the company plans to retain space for its online operations in the current location and use it as a distribution hub, Watts said.

"Emotionally very difficult," Watts said in a subsequent email.

"As far as business decisions go, it was the logical next step to ensure the Watts business continued on," he said.

"If you fail to adapt to the new economy, you end up failing completely," Watts said. "Knowing when to pivot and when to make the difficult decisions before they are made for you is the most important business lesson I've learned."