[3] During Christmas, the nose of the stag glows red in imitation of Rudolph the Red-Nosed Reindeer, and by the 1970s that feature had contributed to the sign's popularity as a local landmark.

[4][5] In 2014, Willamette Week referred to the "famous White Stag sign"[6] as "one of the most instantly recognizable parts of the Portland skyline".

[6] Since its installation in 1940 the sign has carried various messages and animations, generally advertising Portland companies, the longest-lasting version being for White Stag Sportswear, from 1957[7] until 1997.

[8] For the 1959 Christmas season, a red neon "nose" was added to the stag's snout in imitation of Rudolph the Red-Nosed Reindeer, a tradition that has been repeated annually ever since.

[4] In 1972, the building was sold to the H. Naito Corporation and occupied by one of its divisions, Norcrest China Company, but Warnaco still paid for the sign's electricity and maintenance.

In exchange, Naito proposed that the sign's lettering be changed to advertise a Naito-owned gift retailing company called Made in Oregon.

[17] The proposed change caused some uproar in the community, including some who viewed the promotion of an out-of-town university as inappropriate,[18] and some who simply preferred to keep the existing lettering.

[20] No new compromise was reached, and in late September 2009 the university decided not to renew its lease on the sign, leaving its future unclear.

Art DeMuro, president of Venerable Properties (which owns the building on which the sign sits), donated $200,000 to the city to have the lettering changed to "Portland Oregon" in time for a re-lighting ceremony on the day after Thanksgiving.