Oregon’s Retail Sector Takes a Hit as Job Losses Add to Economic Concerns

With the retail industry in Oregon facing several headwinds, it is showing strain, with job numbers falling, giving substance to those already pessimistic about the state’s economy.

Oregon Retail Jobs Decline

The retail job numbers post-pandemic have been steadily dwindling, and recent data indicate that Oregon retail jobs fell nearly 6% as the state ranked among the worst nationwide.

While retail jobs in Oregon are considered entry-level, attracting people looking to gain initial work experience or start a career in retail, a diverse range of people work in retail stores.

Retail employs people who see it as a stopgap for pensioners who are forced to work well into retirement to keep up with the cost of living, even though retail jobs pay about $44,000 annually on average. Overall, across Oregon industries, the average annual wage is about $74,000.

The decline affects many people in retail, as stimulus money dries up, inflation batters budgets, and shoppers move online. According to federal data, 16% of all U.S. retail sales now take place online.

A lagging state economy, combined with stagnant job and population growth, and a slow rate of homebuilding, has also contributed.

In Oregon, manufacturing employment is down sharply. Office vacancies are high, and property, especially in Downtown Portland, is struggling following the closure of several large retail employers, including Nordstrom Rack, Target, and REI. In addition, pessimism about economic opportunities and concern about inflation and rising costs of living mean people tend to spend less.