The Motorsport Shop in South Hurstville will shut its doors on Wednesday, May 5 after 30 years in business.
The shop has been a tenant at No 13 Connells Point Road since 1997, and before that in No 7 and No 9 before that when it all started in 1991.
Co-owner Patrick Wedes said rental increases had led him and his wife Deb to make the difficult decision to close the shop, however they will keep their website running with online sales while they figure out what to do next.
"We considered moving and looked at alternatives and it's a better option to pack up and go and revisit the thought of going back onto a commercial property again, or perhaps building the online business even more," Mr Wedes said.
The shop was sometimes known as The Racing Shop or The F1 Shop, and customers came from Asia, the USA, Canada, Europe, USA and South America.
The Wedes sold rare memorabilia for Ayrton Senna of Brazil, visiting Formula One drivers like Mark Webber and Sir Jack Brabham, items from the Making of the 1959 Jack Brabham Helmet replica, and raised funds for the farmers.
"Sony Corporation was sourcing Ayrton Senna official merchandise from the shop for their Japanese Online Shopping Service," Mr Wedes said.
"We've helped a lot of people go overseas and work in the sport, and we've enjoyed building a very unique business here in South Hurstvile after all those years.
"James Courtney, Adam Gotch, Mark Webber, Daniel Ricciardo, they've all come through here, doing a signing, meeting the fans."
All floor stock must go, as well as some custom-made cabinets and shop fittings.
Mr Wedes said he will miss the customers the most.
"We've had young boys and girls going past here on the bus going to school, who now come in here with their own children," he said.
"That's what kept us going, the generations and being able to share the good fun and experiences of Formula 1 - we will miss that.
"It was a sensational ride."