PORTLAND — Old Navy will permanently close its store at the Lloyd Center Mall at the end of January, the latest blow for the struggling Portland shopping hub.
Old Navy’s corporate parent, Gap Inc., announced in October that it would close 350 Gap and Banana Republic stores by 2024 as it moved away from malls as part of a company restructuring. The company said at the time that it planned to open additional Old Navy stores.
But Justine Jordan, a spokeswoman for Gap Inc., said Tuesday that the company is in the process of evaluating all its stores as it considers the changing needs of its customers. As part of that analysis, it decided to shutter its Old Navy store at the Lloyd Center.
“We remain committed to making appropriate and timely decisions on stores that don’t fit our vision for the future of Gap Inc.,” Jordan said. “We are confident these closures will strengthen the health of our company moving forward.”
The Lloyd Center is facing an existential crisis as tenants move out.
Macy’s announced last month that it will leave the Lloyd Center and lay off all 83 employees who work in the 298,000-square-foot store beginning January 18. Since 2015, the mall has lost three other anchors stores with the departures of Nordstrom, Sears and Marshalls.
The mall, distinguished by its centerpiece ice rink, has considered repositioning itself as an entertainment destination, announcing proposals for a new bowling alley, concert venue and plans for a complete makeover over the last several years.
But the future of those projects is unclear.
Live Nation Entertainment, the California-based events producer that announced plans to open a concert venue at the Lloyd Center in 2018, said this week that plans are on hold for the time being.
“The developer is re-thinking the master plan and re-capitalization,” the spokesman said. “We’re working with them through this process in as timely a fashion as possible.”