There are 3 ways to hide a product from your store. All three are done from the product edit page.
Click the button near the top right of the page to hide the product from view. This is best if you're only hiding the product temporarily and want to put it back in your store later.
Click the button further down on the right side of the page to retire the product from your store, but still keep all the information you put in. You can reverse this later if you want to.
Click the button at the top of the product edit page to delete the product completely. This will remove all the information associated with the product and it will be permanent. You won't be able to recover it later.