Or All the Seas with Oysters by Avram Davidson

Or All the Seas with Oysters by Avram Davidson (Galaxy May 1958) opens with a Mr Whatney visiting a bicycle shop run by Oscar. Mr Whatney asks where Ferd (the other owner) is, and Oscar tells Whatney he is now on his own. The story of why begins with a habit of Oscar’s that irritated Ferd:

The shop was located near the park; it did a big trade in renting bicycles to picnickers. If a woman was barely old enough to be called a woman and not quite old enough to be called an old woman, or if she was anywhere in between, and if she was alone, Oscar would ask, “How does that machine feel to you? All right?”
“Why . . . I guess so.”
Taking another bicycle, Oscar would say, “Well, I’ll just ride along a little bit with you, to make sure. Be right back, Ferd.” Ferd always nodded gloomily.
He knew that Oscar would not be right back. Later, Oscar would say, “Hope you made out in the shop as good as I did in the park.”
“Leaving me all alone here all that time,” Ferd grumbled.

The rest of the story sees various other elements introduced, beginning with a couple with a baby visiting the shop in need of a replacement safety pin for the child’s nappy. Neither Oscar nor Ferd can find one in the shop, but later on Ferd finds a drawer full. Ferd wonders why this kind of thing happens, along with other phenomena like wardrobes suddenly filling up with coat hangers.
Running in parallel with these events is Ferd’s restoration of a red French racing bike, which he angrily smashes up after Oscar takes it to chase a female cyclist. When the bike later regenerates itself (and draws blood when Ferd tries to ride it) it leads him to speculate that there may be mimetic life on Earth:

“Maybe they’re a different kind of life form. Maybe they get their nourishment out of the elements in the air. You know what safety pins are— these other kinds of them? Oscar, the safety pins are the pupa forms and then they, like, hatch. Into the larval forms. Which look just like coat hangers. They feel like them, even, but they’re not. Oscar, they’re not, not really, not really, not . . .”

The story closes (spoiler) with Oscar telling Whatney he is now in a relationship with Norma (the female cyclist), breeding American and French racing bikes, and that Ferd “had been found in his own closet with an unraveled coat hanger coiled tightly around his neck.”
This is an enjoyable and amusing read but the ending didn’t work for me, probably because I thought that the safety pin/coat hanger lifecycle would extend to the bikes (maybe it did and I just missed it) and (b) I didn’t really get why the coat hangers would kill Ferd (unless, again, they are the previous life stage of the bikes).
I assume this story mostly got a Hugo Award for its quirk (the observational humour about safety pins and coat hangers) and its (for the time) perhaps risqué suggestion that Oscar is having sex with a succession of young women in the woods.
** (Average). 3,650 words. Story link.