Lloyd Center is a shopping mall in the Lloyd District of Portland, Oregon , United States, just northeast of downtown . It is owned by the Urban Renaissance Group and KKR Real Estate Finance Trust Inc. The mall features three floors of shopping, with the third level serving mostly as professional office spaces, a food court, and U.S. Education Corporation's Carrington College . Lloyd Center also includes the Lloyd Center Ice Skating Rink, which has become the main draw for the mall. There are currently no anchors in the mall. There are vacant anchor spaces left by Macy's , Marshalls , Nordstrom , and Sears . Junior anchors include Barnes & Noble and Ross Dress for Less .
100-528: Ideas for Lloyd Center were conceived as early as 1923. The mall was named after southern Californian oil company executive Ralph B. Lloyd (1875–1953) who wished to build an area of self-sufficiency that included stores and residential locations. However, the mall wasn't built until 37 years later, due to major events such as the Great Depression and World War II , as well as Portland's conservative anti-development attitude. The mall opened August 1, 1960 in
200-626: A deflationary spiral started in 1931. Farmers faced a worse outlook; declining crop prices and a Great Plains drought crippled their economic outlook. At its peak, the Great Depression saw nearly 10% of all Great Plains farms change hands despite federal assistance. At first, the decline in the U.S. economy was the factor that triggered economic downturns in most other countries due to a decline in trade, capital movement, and global business confidence. Then, internal weaknesses or strengths in each country made conditions worse or better. For example,
300-418: A silver standard , almost avoided the depression entirely. The connection between leaving the gold standard as a strong predictor of that country's severity of its depression and the length of time of its recovery has been shown to be consistent for dozens of countries, including developing countries . This partly explains why the experience and length of the depression differed between regions and states around
400-459: A 100-store, open-air configuration. At the time, it was the largest shopping center in the Pacific Northwest and claimed to be the largest in the country. In 1960, Lloyd Center was located very close to the downtown retail core and was the first major retail development to seriously challenge it, aimed almost exclusively at commuters utilizing Portland's then-growing freeway system, especially
500-454: A boom in the economy and growth in the suburbs, Marshall and associates came upon a way to meet it profitably. Together, they opened a self-service department store in Beverly, Massachusetts , offering apparel and homewares at low prices. Additional floor space was "sublet" to offer customers shoes, hardware, and sporting goods from separate sellers, but the separate ownership of those departments
600-425: A cost estimate, nor any announcement of closure for building. Tax increment financing was mentioned as a method of paying for this plan. The mall continues to host community events in 2024, several of which are various local entertainment events that are smaller and more unique to the area such as Portland's secret roller disco several times in the empty Marshall's, a local theater company hosting productions in what
700-543: A deal to sell the entire mall fell through the year before. Lloyd Center was sold by Glimcher to Cypress Equities Real Estate Investment Management in June 2013. In February 2014, it was announced that Nordstrom would be closing its Lloyd Center store effective January 10, 2015. An 18-month, $ 50 million renovation began in March 2015, alongside the closure of the Regal 8 cinema. Entrances to
800-588: A former privately run bank, bearing no relation to the U.S. government (not to be confused with the Federal Reserve ). Unable to pay out to all of its creditors, the bank failed. Among the 608 American banks that closed in November and December 1930, the Bank of United States accounted for a third of the total $ 550 million deposits lost and, with its closure, bank failures reached a critical mass. In an initial response to
900-459: A greater reduction in credit. On 5 April 1933, President Roosevelt signed Executive Order 6102 making the private ownership of gold certificates , coins and bullion illegal, reducing the pressure on Federal Reserve gold. British economist John Maynard Keynes argued in The General Theory of Employment, Interest and Money that lower aggregate expenditures in the economy contributed to
1000-631: A massive decline in income and to employment that was well below the average. In such a situation, the economy reached equilibrium at low levels of economic activity and high unemployment. Marshalls Marshalls, Inc. is an American chain of off-price department stores owned by TJX Companies . Marshalls has over 1,000 American stores, including larger stores named Marshalls Mega Store (stores operating with HomeGoods combined), covering 49 states and Puerto Rico , and 61 stores in Canada . Marshalls first expanded into Canada in March 2011. Marshalls
1100-596: A modern industrial city handled shortages of money and resources. Often they updated strategies their mothers used when they were growing up in poor families. Cheap foods were used, such as soups, beans and noodles. They purchased the cheapest cuts of meat—sometimes even horse meat—and recycled the Sunday roast into sandwiches and soups. They sewed and patched clothing, traded with their neighbors for outgrown items, and made do with colder homes. New furniture and appliances were postponed until better days. Many women also worked outside
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#17328524748221200-402: A monetary contraction first-hand were forced to join the deflationary policy since higher interest rates in countries that performed a deflationary policy led to a gold outflow in countries with lower interest rates. Under the gold standard's price–specie flow mechanism , countries that lost gold but nevertheless wanted to maintain the gold standard had to permit their money supply to decrease and
1300-465: A month before his assassination in June, 1968. Former Olympic figure skater Tonya Harding , at age 3, first learned to skate at the Lloyd Center rink. The Open-air Ice Rink was covered when the mall went from an open-air configuration to an atrium roof design in the 1990s. The rink was reduced in size in 2016 from a standard rectangular rink design to a smaller oval shape. The redesign moved the rink to
1400-406: A more central location, and opened it up to be visible from all levels of the mall. The renovations to the food court are supposed to make watching the skaters easier, which supposedly will keep people inside shopping longer. Despite allowing for more natural light, the renovations were met with controversy by some locals, as the size was less than 4/5ths of what it was and some skaters took issue with
1500-399: A press release on December 20, 2021, Seattle-based real estate company Urban Renaissance Group announced themselves as the new owner-operators of Lloyd center and expressed intentions to listen to "existing tenants, neighbors, the broader community and City officials." The managing director of Urban Renaissance Group, Tim Kilbane, said that while store owners will not be seeing major changes to
1600-563: A serious issue in the 1930s. Support for increasing welfare programs during the depression included a focus on women in the family. The Conseil Supérieur de la Natalité campaigned for provisions enacted in the Code de la Famille (1939) that increased state assistance to families with children and required employers to protect the jobs of fathers, even if they were immigrants. In rural and small-town areas, women expanded their operation of vegetable gardens to include as much food production as possible. In
1700-474: A small cadre of Labour, but the vast majority of Labour leaders denounced MacDonald as a traitor for leading the new government. Britain went off the gold standard , and suffered relatively less than other major countries in the Great Depression. In the 1931 British election, the Labour Party was virtually destroyed, leaving MacDonald as prime minister for a largely Conservative coalition. In most countries of
1800-699: A standstill agreement froze Germany's foreign liabilities for six months. Germany received emergency funding from private banks in New York as well as the Bank of International Settlements and the Bank of England. The funding only slowed the process. Industrial failures began in Germany, a major bank closed in July and a two-day holiday for all German banks was declared. Business failures were more frequent in July, and spread to Romania and Hungary. The crisis continued to get worse in Germany, bringing political upheaval that finally led to
1900-642: Is a consensus that the Federal Reserve System should have cut short the process of monetary deflation and banking collapse, by expanding the money supply and acting as lender of last resort . If they had done this, the economic downturn would have been far less severe and much shorter. Modern mainstream economists see the reasons in Insufficient spending, the money supply reduction, and debt on margin led to falling prices and further bankruptcies ( Irving Fisher 's debt deflation). The monetarist explanation
2000-472: Is one of the largest U.S. off-price family apparel and home fashion retailers, along with its sister company, TJ Maxx . Its slogans are Your Surprise Is Waiting and Never Boring, Always Surprising . Marshalls traces its history to 1956, when Alfred Marshall gathered a group of entrepreneurs on the East Coast , including Bernard Goldston, Norman Barren, and Irving Blitt (Frank Estey and Bernard Ribas joined
2100-493: Is supported by the contrast in how the crisis progressed in, e.g., Britain, Argentina and Brazil, all of which devalued their currencies early and returned to normal patterns of growth relatively rapidly and countries which stuck to the gold standard , such as France or Belgium. Frantic attempts by individual countries to shore up their economies through protectionist policies – such as the 1930 U.S. Smoot–Hawley Tariff Act and retaliatory tariffs in other countries – exacerbated
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#17328524748222200-523: The 1932 election , Hoover was defeated by Franklin D. Roosevelt , who from 1933 pursued a series of " New Deal " policies and programs to provide relief and create jobs, including the Civilian Conservation Corps , Federal Emergency Relief Administration , Tennessee Valley Authority , and Works Progress Administration . Historians disagree on the effects of the New Deal, with some claiming that
2300-565: The New York Bank of United States – which produced panic and widespread runs on local banks, and the Federal Reserve sat idly by while banks collapsed. Friedman and Schwartz argued that, if the Fed had provided emergency lending to these key banks, or simply bought government bonds on the open market to provide liquidity and increase the quantity of money after the key banks fell, all the rest of
2400-525: The coming to power of Hitler's Nazi regime in January 1933. The world financial crisis now began to overwhelm Britain; investors around the world started withdrawing their gold from London at the rate of £2.5 million per day. Credits of £25 million each from the Bank of France and the Federal Reserve Bank of New York and an issue of £15 million fiduciary note slowed, but did not reverse,
2500-447: The 1937 recession that interrupted it). The common view among most economists is that Roosevelt's New Deal policies either caused or accelerated the recovery, although his policies were never aggressive enough to bring the economy completely out of recession. Some economists have also called attention to the positive effects from expectations of reflation and rising nominal interest rates that Roosevelt's words and actions portended. It
2600-795: The British crisis. The financial crisis now caused a major political crisis in Britain in August 1931. With deficits mounting, the bankers demanded a balanced budget; the divided cabinet of Prime Minister Ramsay MacDonald's Labour government agreed; it proposed to raise taxes, cut spending, and most controversially, to cut unemployment benefits 20%. The attack on welfare was unacceptable to the Labour movement. MacDonald wanted to resign, but King George V insisted he remain and form an all-party coalition " National Government ". The Conservative and Liberals parties signed on, along with
2700-469: The Caribbean. The brand surpassed $ 1 billion in sales in 1982. By April 1987, there were 261 stores across the country. However, profits began to slip in the mid-1980s when the company shifted to lower-priced goods, competing with other discount stores rather than department stores. Since Marshalls made up 28% of Melville's sales at this time, there was a lot of focus on turning the store around. Marshalls
2800-517: The Depression. Businessmen ignored the mounting national debt and heavy new taxes, redoubling their efforts for greater output to take advantage of generous government contracts. During World War I many countries suspended their gold standard in varying ways. There was high inflation from WWI, and in the 1920s in the Weimar Republic , Austria , and throughout Europe. In the late 1920s there
2900-514: The Dow returning to 294 (pre-depression levels) in April 1930, before steadily declining for years, to a low of 41 in 1932. At the beginning, governments and businesses spent more in the first half of 1930 than in the corresponding period of the previous year. On the other hand, consumers, many of whom suffered severe losses in the stock market the previous year, cut expenditures by 10%. In addition, beginning in
3000-480: The Federal Reserve did not act to limit the decline of the money supply was the gold standard . At that time, the amount of credit the Federal Reserve could issue was limited by the Federal Reserve Act , which required 40% gold backing of Federal Reserve Notes issued. By the late 1920s, the Federal Reserve had almost hit the limit of allowable credit that could be backed by the gold in its possession. This credit
3100-442: The Great Depression is right, or the traditional Keynesian explanation that a fall in autonomous spending, particularly investment, is the primary explanation for the onset of the Great Depression. Today there is also significant academic support for the debt deflation theory and the expectations hypothesis that – building on the monetary explanation of Milton Friedman and Anna Schwartz – add non-monetary explanations. There
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3200-639: The Great Depression. According to the U.S. Senate website, the Smoot–Hawley Tariff Act is among the most catastrophic acts in congressional history. Many economists have argued that the sharp decline in international trade after 1930 helped to worsen the depression, especially for countries significantly dependent on foreign trade. Most historians and economists blame the Act for worsening the depression by seriously reducing international trade and causing retaliatory tariffs in other countries. While foreign trade
3300-493: The Lloyd Center Ice Rink was the world's first shopping center rink. The open-air rink was widely popular, drawing more than a million visitors in its first two years, and remains the mall's central attraction. The Ice Rink has attracted a few notable guests over the years. Actor Jim Backus , the voice of Mr. Magoo , once did a couple's routine with a bear. Robert F. Kennedy and his wife Ethel , circled Lloyd's ice just
3400-473: The New Deal prolonged the Great Depression, as they argue that National Industrial Recovery Act of 1933 and National Labor Relations Act of 1935 restricted competition and established price fixing. John Maynard Keynes did not think that the New Deal under Roosevelt single-handedly ended the Great Depression: "It is, it seems, politically impossible for a capitalistic democracy to organize expenditure on
3500-540: The U.K. economy, which experienced an economic downturn throughout most of the late 1920s, was less severely impacted by the shock of the depression than the U.S. By contrast, the German economy saw a similar decline in industrial output as that observed in the U.S. Some economic historians attribute the differences in the rates of recovery and relative severity of the economic decline to whether particular countries had been able to effectively devaluate their currencies or not. This
3600-485: The U.S. unemployment rate down below 10%. World War II had a dramatic effect on many parts of the American economy. Government-financed capital spending accounted for only 5% of the annual U.S. investment in industrial capital in 1940; by 1943, the government accounted for 67% of U.S. capital investment. The massive war spending doubled economic growth rates, either masking the effects of the Depression or essentially ending
3700-597: The United States , especially with regard to the scope of free speech within private shopping centers. Lloyd Center was the defendant in the landmark cases of Lloyd Corp. v. Tanner , 407 U.S. 551 (1972), a decision of the U.S. Supreme Court involving First Amendment rights and private property, and Lloyd Corp. v. Whiffen , 307 Or. 674, 773 P.2d 1293 (1989), a decision of the Oregon Supreme Court . Great Depression The Great Depression
3800-622: The United States, agricultural organizations sponsored programs to teach housewives how to optimize their gardens and to raise poultry for meat and eggs. Rural women made feed sack dresses and other items for themselves and their families and homes from feed sacks. In American cities, African American women quiltmakers enlarged their activities, promoted collaboration, and trained neophytes. Quilts were created for practical use from various inexpensive materials and increased social interaction for women and promoted camaraderie and personal fulfillment. Oral history provides evidence for how housewives in
3900-543: The United States, remained on the gold standard into 1932 or 1933, while a few countries in the so-called "gold bloc", led by France and including Poland, Belgium and Switzerland, stayed on the standard until 1935–36. According to later analysis, the earliness with which a country left the gold standard reliably predicted its economic recovery. For example, The UK and Scandinavia, which left the gold standard in 1931, recovered much earlier than France and Belgium, which remained on gold much longer. Countries such as China, which had
4000-632: The Wall Street crash, after which the slide continued for three years, which was accompanied by a loss of confidence in the financial system. By 1933, the U.S. unemployment rate had risen to 25 percent, about one-third of farmers had lost their land, and about half of the country's 25,000 banks had gone out of business. Many people, unable to pay mortgages or rent, became homeless and relied on begging or charities to feed themselves. The U.S. federal government initially did little to help. President Herbert Hoover , like many of his fellow Republicans , believed in
4100-564: The addition of a 50,000-square-foot (4,600 m) Lipman's store. In 1973, the JCPenney store was remodeled and expanded to 144,000 square feet (13,400 m). Frederick & Nelson acquired the Lipman's chain in 1979, and the Lloyd Center Lipman's store was renamed Frederick & Nelson. The store subsequently went through a dizzying succession of owners, nameplates and locations within
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4200-475: The adjacent Banfield Expressway . The original anchor stores were Meier & Frank at the center, Best's and Nordstrom 's Shoes anchoring the west end, J. C. Penney and Woolworth anchoring the east, and J. J. Newberry the north. The Newberry store was the national chain's largest at the time of its opening. The Seattle-based Nordstrom's Shoes chain acquired Best's apparel in 1963 and rebranded all locations as Nordstrom Best in 1967. The Nordstrom nameplate
4300-455: The banks would not have fallen after the large ones did, and the money supply would not have fallen as far and as fast as it did. With significantly less money to go around, businesses could not get new loans and could not even get their old loans renewed, forcing many to stop investing. This interpretation blames the Federal Reserve for inaction, especially the New York branch . One reason why
4400-573: The beginning of the Depression. The Depression was preceded by a period of industrial growth and social development known as the " Roaring Twenties ". Much of the profit generated by the boom was invested in speculation , such as on the stock market , which resulted in growing wealth inequality . Banks were subject to minimal regulation under laissez-faire economic policies, resulting in loose lending and widespread debt. By 1929, declining spending had led to reductions in manufacturing output and rising unemployment . Share values continued to rise until
4500-465: The behavior of housewives. The common view among economic historians is that the Great Depression ended with the advent of World War II . Many economists believe that government spending on the war caused or at least accelerated recovery from the Great Depression, though some consider that it did not play a very large role in the recovery, though it did help in reducing unemployment. The rearmament policies leading up to World War II helped stimulate
4600-458: The collapse in global trade, contributing to the depression. By 1933, the economic decline pushed world trade to one third of its level compared to four years earlier. While the precise causes for the occurrence of the Great depression are disputed and can be traced to both global and national phenomena, its immediate origins are most conveniently examined in the context of the U.S. economy, from which
4700-745: The concept into standalone stores. In 2015, Marshalls opened its 1,000th store. In 2019, the company began operating a website for online shopping . During the COVID-19 pandemic , Marshalls shut down all stores and suspended its online operations, closing all distribution and fulfillment centers and offices in March 2020. TJX began reopening stores in May and completed the process by the end of June. TJX paid US $ 100 million settlement in California to settle an employee class-action suit in 2002, which alleged that Marshalls abused exempt/nonexempt classifications to avoid
4800-475: The crash was a mere symptom of more general economic trends of the time, which had already been underway in the late 1920s. A contrasting set of views, which rose to prominence in the later part of the 20th century, ascribes a more prominent role to failures of monetary policy . According to those authors, while general economic trends can explain the emergence of the downturn, they fail to account for its severity and longevity; they argue that these were caused by
4900-620: The crisis, the U.S. Congress passed the Smoot–Hawley Tariff Act on 17 June 1930. The Act was ostensibly aimed at protecting the American economy from foreign competition by imposing high tariffs on foreign imports. The consensus view among economists and economic historians (including Keynesians , Monetarists and Austrian economists ) is that the passage of the Smoot–Hawley Tariff had, in fact, achieved an opposite effect to what
5000-633: The decade. The Depression had devastating economic effects on both wealthy and poor countries: all experienced drops in personal income , prices ( deflation ), tax revenues, and profits. International trade fell by more than 50%, and unemployment in some countries rose as high as 33%. Cities around the world , especially those dependent on heavy industry , were heavily affected. Construction virtually halted in many countries, and farming communities and rural areas suffered as crop prices fell by up to 60%. Faced with plummeting demand and few job alternatives, areas dependent on primary sector industries suffered
5100-408: The depression. Not all governments enforced the same measures of protectionism. Some countries raised tariffs drastically and enforced severe restrictions on foreign exchange transactions, while other countries reduced "trade and exchange restrictions only marginally": The gold standard was the primary transmission mechanism of the Great Depression. Even countries that did not face bank failures and
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#17328524748225200-435: The domestic price level to decline ( deflation ). There is also consensus that protectionist policies, and primarily the passage of the Smoot–Hawley Tariff Act , helped to exacerbate, or even cause the Great Depression. Some economic studies have indicated that the rigidities of the gold standard not only spread the downturn worldwide, but also suspended gold convertibility (devaluing the currency in gold terms) that did
5300-402: The drop in demand. Monetarists believe that the Great Depression started as an ordinary recession, but the shrinking of the money supply greatly exacerbated the economic situation, causing a recession to descend into the Great Depression. Economists and economic historians are almost evenly split as to whether the traditional monetary explanation that monetary forces were the primary cause of
5400-427: The economies of Europe in 1937–1939. By 1937, unemployment in Britain had fallen to 1.5 million. The mobilization of manpower following the outbreak of war in 1939 ended unemployment. The American mobilization for World War II at the end of 1941 moved approximately ten million people out of the civilian labor force and into the war. This finally eliminated the last effects from the Great Depression and brought
5500-576: The end of the month. A large sell-off of stocks began in mid-October. Finally, on 24 October, Black Thursday , the American stock market crashed 11% at the opening bell. Actions to stabilize the market failed, and on 28 October, Black Monday, the market crashed another 12%. The panic peaked the next day on Black Tuesday, when the market saw another 11% drop. Thousands of investors were ruined, and billions of dollars had been lost; many stocks could not be sold at any price. The market recovered 12% on Wednesday but by then significant damage had been done. Though
5600-416: The entrepreneurs in 1960 by purchasing Bernard Goldston's shares), to collectively start up the "Brand Names For Less" concept. Marshalls did not carry clothing until Irving Blitt (who later handled the sporting goods concession) called his friend Al Marshall letting him know he had the opportunity to purchase factory second Arrow shirts while on a trip to New York. Contemplating the dual postwar phenomena of
5700-494: The explanations of the Keynesians and monetarists. The consensus among demand-driven theories is that a large-scale loss of confidence led to a sudden reduction in consumption and investment spending. Once panic and deflation set in, many people believed they could avoid further losses by keeping clear of the markets. Holding money became profitable as prices dropped lower and a given amount of money bought ever more goods, exacerbating
5800-503: The few women in the labor force, layoffs were less common in the white-collar jobs and they were typically found in light manufacturing work. However, there was a widespread demand to limit families to one paid job, so that wives might lose employment if their husband was employed. Across Britain, there was a tendency for married women to join the labor force, competing for part-time jobs especially. In France, very slow population growth, especially in comparison to Germany continued to be
5900-501: The first week of June, 540 million in the second, and 150 million in two days, 19–20 June. Collapse was at hand. U.S. President Herbert Hoover called for a moratorium on payment of war reparations . This angered Paris, which depended on a steady flow of German payments, but it slowed the crisis down, and the moratorium was agreed to in July 1931. An International conference in London later in July produced no agreements but on 19 August
6000-436: The fourth floor and expanding the third floor. On January 4, 2018, Sears announced that its Lloyd Center store would be closing in early April 2018 as part of a plan to close 103 stores nationwide. In January 2019, it was reported that Marshalls would be closing later that month. On November 17, 2020, Macy's announced it would be closing in January 2021. After the closure of Macy's , no traditional anchor stores remain in
6100-599: The government tried to reshape private household consumption under the Four-Year Plan of 1936 to achieve German economic self-sufficiency. The Nazi women's organizations, other propaganda agencies and the authorities all attempted to shape such consumption as economic self-sufficiency was needed to prepare for and to sustain the coming war. The organizations, propaganda agencies and authorities employed slogans that called up traditional values of thrift and healthy living. However, these efforts were only partly successful in changing
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#17328524748226200-519: The home, or took boarders, did laundry for trade or cash, and did sewing for neighbors in exchange for something they could offer. Extended families used mutual aid—extra food, spare rooms, repair-work, cash loans—to help cousins and in-laws. In Japan, official government policy was deflationary and the opposite of Keynesian spending. Consequently, the government launched a campaign across the country to induce households to reduce their consumption, focusing attention on spending by housewives. In Germany,
6300-514: The initial crisis spread to the rest of the world. In the aftermath of World War I , the Roaring Twenties brought considerable wealth to the United States and Western Europe. Initially, the year 1929 dawned with good economic prospects: despite a minor crash on 25 March 1929, the market seemed to gradually improve through September. Stock prices began to slump in September, and were volatile at
6400-543: The lack of an adequate response to the crises of liquidity that followed the initial economic shock of 1929 and the subsequent bank failures accompanied by a general collapse of the financial markets. After the Wall Street Crash of 1929 , when the Dow Jones Industrial Average dropped from 381 to 198 over the course of two months, optimism persisted for some time. The stock market rose in early 1930, with
6500-438: The mall for two years, they are unable to sign five-year leases due to uncertainty about future plans. Several small, art-focused local businesses relocated into the mall in 2022, citing lower rent and greater influence over the future of the location. In September 2023, Urban Renaissance Group announced a plan for the mall that would add 5000 residences into the space while keeping the local landmark ice rink but did not include
6600-477: The mall were made more pedestrian-friendly and the central space was reconfigured with a spiral staircase. The changes were in part a response to the increasing population of the Lloyd District from newly constructed apartment buildings. In August 2016, Sears sold its 143,000-square-foot (13,300 m) space to the mall's owners, who were reported to be planning a major remodeling of its upper floors, demolishing
6700-425: The mall's electrical system. The mall was closed for over three weeks while repairs were made. On November 1, 2021, it was reported by local media that KKR Real Estate Finance Trust would be foreclosing on Lloyd Center by the end of the year due to payments on its $ 110 million debt loan not having been made since October 2020. It was stated that a comprehensive redevelopment of the site was to be considered. In
6800-453: The mall. On January 12, 2021, Old Navy announced that the Lloyd Center store would permanently close by the end of January. After the Old Navy closure, the first floor of the mall from the former Sears and the former Marshalls to the former Payless Shoe Source would be completely empty with vacant storefronts. On August 6, 2021, a two-alarm fire started in the mall's basement, damaging
6900-430: The mall. It appears that, in 1988, Nordstrom moved into the old Lipmans/Frederick and Nelson building. The Lipmans name was apparently reinstated at a new location in the north end of the mall in 1987, only to be replaced by that of Spokane-based The Crescent later in the same year. In March 1988, the store was acquired by Bellevue, Washington-based Lamonts . By 1987, the mall was aging and enclosed malls were becoming
7000-512: The market entered a period of recovery from 14 November until 17 April 1930, the general situation had been a prolonged slump. From 17 April 1930 until 8 July 1932, the market continued to lose 89% of its value. Despite the crash, the worst of the crisis did not reverberate around the world until after 1929. The crisis hit panic levels again in December 1930, with a bank run on the Bank of United States ,
7100-414: The mid-1930s, a severe drought ravaged the agricultural heartland of the U.S. Interest rates dropped to low levels by mid-1930, but expected deflation and the continuing reluctance of people to borrow meant that consumer spending and investment remained low. By May 1930, automobile sales declined to below the levels of 1928. Prices, in general, began to decline, although wages held steady in 1930. Then
7200-423: The monetary base and by not injecting liquidity into the banking system to prevent it from crumbling, the Federal Reserve passively watched the transformation of a normal recession into the Great Depression. Friedman and Schwartz argued that the downward turn in the economy, starting with the stock market crash, would merely have been an ordinary recession if the Federal Reserve had taken aggressive action. This view
7300-496: The most to make recovery possible. Every major currency left the gold standard during the Great Depression. The UK was the first to do so. Facing speculative attacks on the pound and depleting gold reserves , in September 1931 the Bank of England ceased exchanging pound notes for gold and the pound was floated on foreign exchange markets. Japan and the Scandinavian countries followed in 1931. Other countries, such as Italy and
7400-427: The most. The outbreak of World War II in 1939 ended the Depression, as it stimulated factory production, providing jobs for women as militaries absorbed large numbers of young, unemployed men. The precise causes for the Great Depression are disputed. One set of historians, for example, focuses on non-monetary economic causes. Among these, some regard the Wall Street crash itself as the main cause; others consider that
7500-568: The need to balance the national budget and was unwilling to implement expensive welfare spending . In 1930, Hoover signed the Smoot–Hawley Tariff Act , which taxed imports with the intention of encouraging buyers to purchase American products, which worsened the Depression because foreign governments retaliated with tariffs on American exports. In 1932, Hoover established the Reconstruction Finance Corporation , which offered loans to businesses and support to local governments. In
7600-475: The norm across the United States. Between 1988 and 1991 the mall was gradually renovated. Nordstrom ended up demolishing the Lipmans store and opening an entirely new location on its space in August 1990. The former Nordstrom spaces had been gutted and refitted as inline stores, followed by a mall-wide renovation around late 1990-early 1991 which fully enclosed the mall and added a food court. The remodeled shopping hub
7700-470: The oval shape. Lloyd Center is accessible by TriMet 's MAX light rail service, which stops one block south of the mall, at the Lloyd Center/Northeast 11th Avenue station. The area is also served by several bus stops around the mall facility. The Portland Streetcar 's A Loop has a stop two blocks west of the Lloyd Center. Lloyd Center has played a role in the history of freedom of speech in
7800-626: The payment of overtime or compensation time to employees in certain roles performing non-exempt job duties, as required by the federal Fair Labor Standards Act . The enterprise has developed national and local partnerships with U.S. charitable organizations. All donations and fund-raising efforts from Marshalls are connected to helping children, families, and their communities with these programs: Marshalls opened its first locations in Canada in March 2011. As of November 2016, Marshalls Canada had 50 stores with plans to operate approximately 100 stores across
7900-483: The physical volume of exports fall, but also the prices fell by about 1 ⁄ 3 as written. Hardest hit were farm commodities such as wheat, cotton, tobacco, and lumber. Governments around the world took various steps into spending less money on foreign goods such as: "imposing tariffs, import quotas, and exchange controls". These restrictions triggered much tension among countries that had large amounts of bilateral trade, causing major export-import reductions during
8000-477: The policies prolonged the Depression instead of shortening it. Between 1929 and 1932, worldwide gross domestic product (GDP) fell by an estimated 15%; in the U.S., the Depression resulted in a 30% contraction in GDP. Recovery varied greatly around the world. Some economies, such as the U.S., Germany and Japan started to recover by the mid-1930s; others, like France, did not return to pre-shock growth rates until later in
8100-455: The political situation in Europe. In their book, A Monetary History of the United States , Milton Friedman and Anna J. Schwartz also attributed the recovery to monetary factors, and contended that it was much slowed by poor management of money by the Federal Reserve System . Chairman of the Federal Reserve (2006–2014) Ben Bernanke agreed that monetary factors played important roles both in
8200-434: The scale necessary to make the grand experiments which would prove my case—except in war conditions." According to Christina Romer , the money supply growth caused by huge international gold inflows was a crucial source of the recovery of the United States economy, and that the economy showed little sign of self-correction. The gold inflows were partly due to devaluation of the U.S. dollar and partly due to deterioration of
8300-608: The spending habits of most shoppers, the off-price industry gathered speed. By buying up manufacturers' post-season, overrun, and close-out stock, Marshalls was able to offer fashionable, high-quality "designer" items at prices 20 to 60 percent less than those of the department stores. In 1976, Marshalls was acquired by Melville Corporation . There were 36 stores in New England and California at this time. Marshall also independently owned five stores in St. Thomas , St. Croix , and St. Maarten in
8400-519: The time. Marshalls and T.J. Maxx operate as sister stores, and share a similar footprint throughout the country. While the two offer near-identical prices and have similar store layouts, Marshalls differentiates itself by its emphasis on family footwear and larger men's and juniors departments. Starting in 2005, Marshalls began introducing Shoe MegaShop departments in its stores. The company added MegaShops to 240 Marshalls stores in 2008, with another 200 planned for fiscal 2009. Marshalls soon expanded
8500-471: The world, recovery from the Great Depression began in 1933. In the U.S., recovery began in early 1933, but the U.S. did not return to 1929 GNP for over a decade and still had an unemployment rate of about 15% in 1940, albeit down from the high of 25% in 1933. There is no consensus among economists regarding the motive force for the U.S. economic expansion that continued through most of the Roosevelt years (and
8600-613: The world. The financial crisis escalated out of control in mid-1931, starting with the collapse of the Credit Anstalt in Vienna in May. This put heavy pressure on Germany, which was already in political turmoil. With the rise in violence of National Socialist ('Nazi') and Communist movements, as well as investor nervousness at harsh government financial policies, investors withdrew their short-term money from Germany as confidence spiraled downward. The Reichsbank lost 150 million marks in
8700-778: The worldwide economic decline and eventual recovery. Bernanke also saw a strong role for institutional factors, particularly the rebuilding and restructuring of the financial system, and pointed out that the Depression should be examined in an international perspective. Women's primary role was as housewives; without a steady flow of family income, their work became much harder in dealing with food and clothing and medical care. Birthrates fell everywhere, as children were postponed until families could financially support them. The average birthrate for 14 major countries fell 12% from 19.3 births per thousand population in 1930, to 17.0 in 1935. In Canada, half of Roman Catholic women defied Church teachings and used contraception to postpone births. Among
8800-427: Was a Victoria's Secret, and a performance art piece in the dry fountain sculpture Capitalism . Bigger organizations such Live Nation in 2018 and Anschutz Entertainment Group in 2024 have made plans to develop a larger music events space out of the mall. Mall staples, Ross Dress For Less and Cinnabon have left the mall but Jumbo's Pickleball has opened its doors in one of the mall's empty anchors. Opening in 1960,
8900-639: Was a scramble to deflate prices to get the gold standard's conversation rates back on track to pre-WWI levels, by causing deflation and high unemployment through monetary policy. In 1933 FDR signed Executive Order 6102 and in 1934 signed the Gold Reserve Act . The two classic competing economic theories of the Great Depression are the Keynesian (demand-driven) and the Monetarist explanation. There are also various heterodox theories that downplay or reject
9000-498: Was a severe global economic downturn from 1929 to 1939. The period was characterized by high rates of unemployment and poverty; drastic reductions in liquidity , industrial production, and trade; and widespread bank and business failures around the world. The economic contagion began in 1929 in the United States , the largest economy in the world, with the devastating Wall Street stock market crash of October 1929 often considered
9100-478: Was a small part of overall economic activity in the U.S. and was concentrated in a few businesses like farming, it was a much larger factor in many other countries. The average ad valorem (value based) rate of duties on dutiable imports for 1921–1925 was 25.9% but under the new tariff it jumped to 50% during 1931–1935. In dollar terms, American exports declined over the next four years from about $ 5.2 billion in 1929 to $ 1.7 billion in 1933; so, not only did
9200-441: Was adopted in 1973. As of 1971, Lloyd Center's five largest stores were, from largest to smallest, Meier & Frank (314,000 square feet), Newberry's (100,000 sq. ft.), Penney's (97,370 sq. ft.), F. W. Woolworth (62,734 sq. ft.) and Nordstom Best (52,891 sq. ft.). The first significant expansion to the mall since its opening in 1960 was made in fall 1972, adding six stores. The 75,000-square-foot (7,000 m) expansion included
9300-474: Was endorsed in 2002 by Federal Reserve Governor Ben Bernanke in a speech honoring Friedman and Schwartz with this statement: Let me end my talk by abusing slightly my status as an official representative of the Federal Reserve. I would like to say to Milton and Anna: Regarding the Great Depression, you're right. We did it. We're very sorry. But thanks to you, we won't do it again. The Federal Reserve allowed some large public bank failures – particularly that of
9400-426: Was given by American economists Milton Friedman and Anna J. Schwartz . They argued that the Great Depression was caused by the banking crisis that caused one-third of all banks to vanish, a reduction of bank shareholder wealth and more importantly monetary contraction of 35%, which they called "The Great Contraction ". This caused a price drop of 33% ( deflation ). By not lowering interest rates, by not increasing
9500-491: Was in the form of Federal Reserve demand notes. A "promise of gold" is not as good as "gold in the hand", particularly when they only had enough gold to cover 40% of the Federal Reserve Notes outstanding. During the bank panics, a portion of those demand notes was redeemed for Federal Reserve gold. Since the Federal Reserve had hit its limit on allowable credit, any reduction in gold in its vaults had to be accompanied by
9600-446: Was intended. It exacerbated the Great Depression by preventing economic recovery after domestic production recovered, hampering the volume of trade; still there is disagreement as to the precise extent of the Act's influence. In the popular view, the Smoot–Hawley Tariff was one of the leading causes of the depression. In a 1995 survey of American economic historians, two-thirds agreed that the Smoot–Hawley Tariff Act at least worsened
9700-418: Was invisible to the shopper. The original store also had a soda fountain/grill, which was another sublet of floor space, the "A & M Luncheonette" (for Alice & Mickey Masters, the proprietors). The concept proved extremely successful. Ten years later, Marshalls had become the leading off-price retail chain in the nation. Given the volatility of the American economy in the 1970s, with recession affecting
9800-495: Was outperformed by rival TJ Maxx in the early 1990s. By 1993, Marshalls had expanded throughout 42 states including Hawaii , and had opened several downtown locations. Its first location in Puerto Rico opened in 1994. The company's pretax operating earnings fell by 20% between 1993 and 1994. In 1995, Marshalls was purchased by TJX , the parent company of its main rival, TJ Maxx , for $ 550 million. There were 496 stores at
9900-471: Was rededicated in August 1991. Glimcher Realty Trust bought the center in 1998 for $ 167 million. JCPenney closed in June 1998 and was replaced by Sears in November 1999. The Newberry's store, the last in Oregon, closed in 2001, when the entire chain went out of business. Macy's replaced Meier & Frank in 2006. Glimcher Realty Trust sold 60% of the center to Blackstone Real Estate Partners in 2010 after
10000-464: Was the rollback of those same reflationary policies that led to the interruption of a recession beginning in late 1937. One contributing policy that reversed reflation was the Banking Act of 1935 , which effectively raised reserve requirements, causing a monetary contraction that helped to thwart the recovery. GDP returned to its upward trend in 1938. A revisionist view among some economists holds that
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