RETAIL TRADE: The Cowboy's Dream

To the blare of bands and the fluttering of banners, 700 pigeons winged into the sky over Portland, Ore. last week to carry the good news to 29 Oregon and Washington cities. The news: the opening this week on the east bank of Portland's Willamette River of the sprawling (50-acre), $100 million Lloyd Center, the largest urban shopping center ever built in the U.S.

Only five minutes away from the traditional downtown "core" shopping area of Portland, Lloyd Center is a consumer's cornucopia. Its more than 100 retail stores are carefully clustered in competing groups (e.g., hardware, dresses) so that...

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