Music Millennium in Portland, Ore. is shutting down one of its two stores, due to a declining business and escalating rents. The retailer's Northwest 23rd Street store will close at the end of August, after a 30-year run in the neighborhood.

According to a press release, owner Terry Currier, has decided that -- with the state of the recorded music industry declining at such a rapid rate -- he could not, with good conscience, sign a long-term lease.

He will continue to operate his East Burnside location.