The store sold common head shop paraphernalia, including: bongs, books, bumper stickers, clothing, crystals, Grateful Dead and Jerry Garcia memorabilia, hookahs, incense, posters, rolling papers, tie-dyed shirts, and vaporizers.

[4] Herer's son, Mark, who later owned the shop, described The Third Eye as "a hippie, Grateful Dead department store".

However, business declined sharply in 2016, and Herer estimates a loss of $500,000 in sales compared to 2015 because of competition from local cannabis stores and head shops, as well as online retail outlets.

[1] In addition to lower sales, road construction,[6] the development of the surrounding neighborhood, increasing health care costs,[8] and "changing tastes and preferences of the modern cannabis consumer" were cited as reasons for the closure.

[1][7][9] Russ Belville called the closure "a natural evolution" of the cannabis movement which, according to The Oregonian, "in recent years has tried to shed its counterculture associations to appeal to a more mainstream audience".

[1] According to Herer, the building which housed The Third Eye was sold to a commercial developer for $1 million cash,[6][9][10] two hours after being listed.

[2][12][13] Zoe Wilder described the shop as a "funky counterculture boutique" in her Merry Jane article, five "stoner-friendly things to do" in Portland.