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Portland pain: #6 in bankruptcies, loses 37,000 jobs, key store

April 9, 2010

By Oregon Small Business Association

Business wrap-up

It has been a string of bad news for Portland in the past 30 days. Nationwide bankruptcies have increased by 52% according to Equifax. Among the bankruptcy leaders is Portland, ranked at sixth highest, and Oregon ranked as 12th highest among states. In further bad news, the US Bureau of Labor and Statistics reported that Portland lost 37,200 jobs in the last year. The job count went from 834,100 to 796,900. The job loss came after news that the popular Saks Fifth Avenue was leaving downtown Portland. The store plans to close completely by July 31st. In much lesser impact news but still a downer, Portland lost its long-standing rank of the nation’s friendliest bike city to Minneapolis.

But there is good news.

The Saks store closing is expected to replaced by another clothing store, H&M, after it is vacated. The Oregonian reported last month that Portland area business vacancies are less than the national average and have fallen below Seattle area vacancy rates. Furthermore, Portland’s bike ranking will surely only be a temporary hiccup in light of long-term commitment the City has to biking.

  
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Discuss this article

Bob Clark April 9, 2010

As lovely as bike riding can be, bike riding does not make for economic prosperity and thereby get Portland and Oregon less heavy on the Misery index. Allowing markets to find the most efficient transportation means; such as maybe electric cars, driverless cars, and small cars; would produce much more happiness than Portland cityhall forcing its perceived bike plan solution. Historically, the latter transportation means is actually more attributable to an economically poor country.

Get real Portlanders, or continue very high in the misery index.

Bad Man April 9, 2010

H&M? – Seriously doubt this company will fill anywhere near the space vacated by Saks – that is IF they even open a store in Portland. If they are even remotely smart, they will look at all the vacant downtown storefronts and look in the suburbs.

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