Since the economic downturn worsened about a year ago with the collapse of Lehman Brothers financial services firm, small and family-owned businesses nationwide have faced challenges to their welfare.

But a wave of business closures has not hit the Champaign-Urbana area, said Craig Rost, Champaign’s deputy city manager for development. In reality, he said local businesses have proved very resilient.

Cocomero, a locally owned frozen yogurt shop, opened at the corner of Green and Wright streets in Champaign after the downturn began. Co-owner Colin Kim said he believes business has been all right so far.

While businesses such as Cocomero may be faring well, others, such as Leisure Time Pet and Hobby, 807 N. Mattis Ave., have seen business drop substantially.

Owner Steve Gast is closing his store after nearly 30 years in business for personal reasons.

“I just can’t do the job anymore,” Gast said. “I just don’t have the energy.”

Gast, 59, said he had a hemorrhagic stroke five years ago and has never fully recovered. The economy has added to his stress, he said.

“The economy played a part in it,” Gast said, “I think it has added to everybody’s problems.”

Gast said he believes the pet store industry has not been hurt worse than any other business and probably less than some.

“Since the government debacle started last fall, people have stopped spending as much,” Gast said. “Consumer confidence is down.”

Rost said he used to buy supplies for his several pets at Leisure Time, which also sells beer, wine-making supplies and other hobby items. Throughout the time he frequented the store, Rost said it had a large following.

Sales are down at a lot of businesses, but decreased sales are not leading to mass store closures, Rost said.

“If we see this same trend for another two or three years it might be different,” Rost said, “But right now we aren’t seeing any sweeping closures.”

Now that Leisure Time is closing, the store is having a liquidation sale until it runs out of merchandise. Gast said he expects the sale to continue for a couple of weeks.

Gast said he made every effort to sell the store instead of close it down but could not find a buyer.

“It takes a very specialized buyer for a very specialized business,” Gast said, “The building will be easier to sell. It’s pretty generic.” When winter comes, Cocomero will face its own challenge in dealing with a season when frozen yogurt is not in such high demand, Kim said.

The shop was packed with people helping themselves to yogurt Wednesday, but Kim said it evens out.

“It is difficult during the summer when all of the students are gone,” Kim said.