Shreve & Co. is closing its Portland store as sales at the location haven’t met expectations. The company said it instead will focus on its California stores.

Portland, Ore.--Luxury jewelry retailer Shreve & Co. has announced that it is closing the doors on its Portland location and will focus instead on its California stores.

The company moved into downtown Portland five years ago. It will close the store and leave the market after a jewelry and watch liquidation sale, which will offer millions of dollars of inventory, beginning Thursday.

The employees at the Shreve & Co. Portland location have been offered jobs in California, the company said.

“We have had a great experience here,” said Shreve & Co. co-owner Lane Schiffman. “Making the decision to close was a difficult one, but practical, as our sales have not grown to our expectations. By closing the Portland store, we’ll gain more flexibility to focus our resources in our home market.”

Shreve & Co. has been part of Greensboro, N.C.-based Schiffman’s since 1992.

The company’s flagship store is in San Francisco and was located in a historic building on the corner of Post Street and Grant Avenue in the city’s Union Square neighborhood for more than a century. But, with the skyrocketing prices of the city’s real estate, the company had to relocate the flagship after it was outbid for the lease.

Shreve is opening its new, renovated flagship store now on Post Street, very close to its former location. It is more than double the size of the previous store at 15,000 square feet and has two floors of selling space.  

Shreve & Co. also has a store in Palo Alto, California.

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