1999 Geography of Retailing - Portland
Entrances & Exits: Office Depot opened two stores in the area, one each in Salem and Hillsboro. JC Penney's left Lloyd Center Mall, and it has not yet been replaced. Future Shop and Levi's both closed their sites in downtown Portland. Pep Boys entered this market, opening a store in the suburbs.
Economy: Portland's metropolitan area is extremely healthy. According to Grubb Ellis, a commercial brokerage and property management firm, the market's overall retail vacancy rate in 1998 was just 4.4 percent, up only one-tenth of a point from 1997. Great for the landlord and great for the city, but not-so-great for the renter, as it has resulted in high lease rates. The retail market absorbed 600,000 square feet of space, down from over 1 million square feet in 1997. Plans have begun to build a city of 10,000 people near Portland's airport. It will be quite some time before Oregon actually sees the city, but one plan is a string of parks, offices and retail stores with a hotel at one end and a theater at the other.