Outdoor retail giant REI has announced its plan to close its sole store in Portland, Oregon, after experiencing the highest number of break-ins and thefts in two decades.

The decision comes despite the company’s efforts to increase security at the location.

REI’s Portland store has been situated in the city’s Pearl District since 2004, but the recent spike in crime has made it financially unsustainable for the retailer to continue operations there.

REI spokesperson Megan Behrbaum informed Oregon Live of the costly investments the company has made in store security, such as replacing windows with security glass, hiring private security around the clock, and installing a surveillance trailer at the loading dock.

Despite these efforts, the store has been overwhelmed by the volume of break-ins, shoplifting, and other crimes.

Behrbaum disclosed that REI spent over $800,000 on additional security last year alone but still experienced 10 burglaries.

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She also noted the company’s unsuccessful attempts to work with its landlord, Brolin Co., to address safety concerns.

As the security measures necessary to protect customers and employees are no longer financially viable, REI has decided to close the Portland store before its lease ends in early 2024.

Behrbaum stated that the company will continue to invest in security measures for the remainder of its lease but cannot justify extending the lease beyond that point.

The closure will impact more than 150 employees at the Portland store, who are encouraged to apply for positions at other REI locations.

To discourage early departures, the company will provide quarterly retention bonuses for employees who stay until the store’s closure.

Full-time employees leaving the company after the store closes will be offered severance pay.

REI is not the only major retailer affected by crime in the Democrat-controlled city.

Nike has closed one of its Portland stores, citing shoplifting as the reason.

Walmart has also shuttered its only two stores in the city for financial reasons.

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Additionally, local coffee chain Coava Coffee Roasters announced last week that it would close its downtown Portland location due to the “extreme violence and criminal activity” its employees have endured.

The decision to close the REI store is indicative of the challenges businesses face in maintaining safety and profitability amid rising crime rates.