Cracker Barrel, the Tennessee-based restaurant chain, has announced it’s closing all remaining locations in Portland, Oregon, citing concerns over rising crime and the ongoing issue of retail theft. The company’s decision comes in light of numerous reports from Oregon newspapers showed an increase in retail theft in the city, as well as a decline in police presence and arrests related to such incidents.

“As a standard course of business, we continually evaluate the performance of our stores, using various criteria to ensure we are meeting the needs of our guests and our business,” the restaurant chain said in a statement. “With that, we are saddened that we have been unable to overcome the impact the pandemic had on our business and have made the difficult decision to close the Beaverton, Tualatin, and Bend locations on March 20.”

Cracker Barrel’s decision to leave Portland follows in the footsteps of other large retailers including Walmart, who also permanently left the city due to similar concerns. Portland’s downtown retail sector has suffered during the pandemic, with the closures of many stores and the relocation of several other businesses to the suburbs. The increasing incidents of theft and vandalism have further worsened the situation, making it challenging for businesses to operate.

The Portland Police Bureau has reported an increase in retail thefts in recent years, with many of these incidents carried out by organized criminal groups that target large retailers. The rise in retail theft has been attributed to the city’s lack of adequate resources to address the issue, including a shortage of police officers, lack of surveillance cameras, and inadequate security measures.

Portland city officials have acknowledged the issue of retail theft and its impact on the local economy, but there has been little progress made in addressing the problem. The issue is not unique to Portland, as many other cities across the United States also experienced an increase in retail theft during the pandemic. However, the lack of progress in addressing the issue in Portland has led to a significant impact on the city’s retail sector, which could take years to recover.

Information for this briefing was found via Cracker Barrel and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.