Jackpot Records has announced it will be closing its downtown location effective June 30.

According to a statement from owner Isaac Slusarenko, the decision to shutter the longstanding Portland record store, which opened in 1997, is less about economics than it is "a move that will help us focus more energy and resources on other pursuits," into the store's in-house record label.

Jackpot's Hawthorne Boulevard location will remain open.

Here is the full statement:

Today Jackpot Records would like to announce that as of June 30th 2014, we will be closing our downtown store on SW 9th Ave.   We consider the choice to close our doors downtown as part of the store's evolution; a move that will help us focus more energy and resources on other pursuits 

While the rents have gone up over the years and the city we all love and contribute to continues to change in ways that both help and hurt local businesses like Jackpot, these factors really don't play into this decision as much as they could.

Jackpot Records is still committed to helping hungry minds and ears discover new sounds and grow their music collections. The SE Hawthorne store will remain open and will continue our ambition of sharing fantastic music with Portland with all that much more vigor. While it's sad to close this chapter of Jackpot's history, and say goodbye to our downtown neighbors and clientele of over 15 years, we make this announcement without heaviness in our hearts.

We look forward to putting even more focus and time into projects like our Jackpot Records record label, now in its tenth year of pressing immaculate vinyl for both new artists, high-end reissues of long obscured albums, and internationally appreciated musicians such as Devo and Etta James.

The days spent at the downtown store are a thing of wonder and part of Portland's history that we've all built together. Instead of looking at this move as a loss of any kind, we feel instead that it represents a continued celebration of music, art, culture and community that we're proud to be a part of, and can't wait to see where it takes us next.

Isaac Slusarenko

Jackpot Records