Business owners Harry Statos and Bill Kover were prompted to make the decision as the owners of their respective buildings intend to put the adjoining premises on the market.

They said additional business factors like a downturn in trade for bricks and mortar stores and increase in internet shopping had also contributed to their decision.

Mr Statos purchased Kevin O'Connor's Menswear five years ago but has seen a steady decline in trade as other shop fronts along Monaro Street closed.

Sassy Lassie Lingerie Boutique was the latest casualty. It closed in early November after about two decades of business on Monaro Street.

He said not only have the closures had a domino effect but it also means there's not the same amount of foot traffic along the street as their once was.

"It used to be very busy, it was a terrific little business…now it's completely faded away to just about nothing. Unfortunately, it's not worth renewing the lease," Mr Statos said.

"This part of town really hasn't fired at all, especially since other shops have closed like Morrison's Newsagency, the Amcal Chemist, Commonwealth Bank, Rendezvous Restaurant: there's quite a few actually."

Mr Statos purchased Kevin O'Connor's Menswear five years ago but has seen a steady decline in trade as other shopfronts along Monaro Street closed.

Sassy Lassie Lingerie Boutique was the latest casualty.

It closed in early November after about two decades of business on Monaro Street.

He said not only have the closures had a domino effect but it also means there's not the same amount of foot traffic along the street as their once was.

"It used to be very busy, it was a terrific little business...now it's completely faded away to just about nothing. Unfortunately, it's not worth renewing the lease," Mr Statos said.

"This part of town really hasn't fired at all, especially since other shops have closed like Morrison's Newsagency, the Amcal Chemist, Commonwealth Bank, Rendezvous Restaurant: there's quite a few actually."

Next door to Kevin O'Connors Menswear is Today's Jewellers which has been a Monaro Street fixture for almost 100 years.

Mr Kover, a gemmologist, valuer and jeweller, took over the shop in the 1970s when he realised a lot of the clients visiting his family's jewellery shop in Manuka were actually from Queanbeyan.

"The town was booming [back then]. If you came down the main street on a Thursday night it was like being at [Sydney's] Pitt Street Mall," he said.

"If it hadn't been for [the owners wanting to sell] we might have done another three or so years.

"But there has been a drop off in trade due to all these little factors like each time a business closes down and doesn't get refilled.

"I mean the Commonwealth Bank is still empty and that's [about] eight years later."

Both businesses will trade until Christmas Eve and Mr Statos said he was considering reopening in early 2015 at a different location.

Mr Statos and Mr Kover said it was a very sad time indeed, not only for them but also for local residents.

"I'm very calm about it; I'm relieved that the decision in a way has been contributed to by circumstances. I'm not bitter, twisted and sad and all that," Mr Kover said.

"I just realised that I've had a pretty good run here and made a lot [good clients].

"It's like going to your own funeral, people are coming in saying nice things about you but they're saying them to you, so that's heartening. A lot of people are very upset about it."

Mr Statos described it as "an end of an era".

"[Owning a business here] was really good, I enjoyed my job and working with Queanbeyan people was terrific. They're all lovely people," he said.

"A lot of people are upset about closing, a lot of my regulars aren't happy at all but what can you do? Everything has to come to an end."