Oldies Unlimited has been a popular haunt for record buyers in Wolverhampton since the 1960s, having been known as a popular spot for good quality records and having hosted signings with bands such as Magnum.
However, it will close the doors of its Darlington Street shop permanently on November 30 and move online.
Owner Simon Malpas said the decision to close had been a difficult one, but said a number of factors had made his mind up about closing the shop.
He said: "I made the decision a few weeks ago and I've been a bit up and down with it, but I've found recent circumstances have made the decision easier to make for me.
"One has been the change of the roads to a one-way system, meaning less buses going past the shop, while Covid has really hit us after being closed for so long.
"There's also family reasons as to why this is happening and there is a part of me which is looking forward to working from home and getting my weekends back after so long."
Mr Malpas said a lot of his customers had been upset at the news of the impending closure, with many sending messages of thanks to him.
He said: "I've had one person who has been coming here for so long tell me he hasn't stopped crying for two days since the news broke.
"A lot of people are upset at the news, but I think they understand why this is happening and have said they will come and see us as record fairs in the future."
Mr Malpas said Oldie Unlimited would be joining record fairs at the Giffard Arms in the future, starting on December 11, and put out a message to everyone who had been part of the shop over the last 50 years.
He said: "I just want to offer an immense thanks to everyone who has supported us over the years.
"It is very difficult to walk away and it is still sinking in for me, but I know I've had a lot of happy times and met a lot of happy people."
To find out more about Oldies Unlimited, go to facebook.com/oldiesvinylrecords/.