Wednesday, December 2, 2015

Toys "R" Us will close iconic store at end of month

So I was walking through the newsroom, giving Seth and Astrid their assignments for the day, when Terra called me over to her desk to see this story that she found online. And when I saw it, I was instantly pissed off.

Shoppers hoping to take one last stroll through the three-story Toy "R" Us in Times Square will have to make it to the Big Apple before the end of December.

After this year's holiday season, the store plans to pack up its towering ferris wheel and its shelves stocked with a slew of children's toys and games.

The Wayne-based retailer announced earlier this year it would shutter its flagship store in New York City cutting almost 400 jobs along with it, Crain's reports. The store will not renew its lease and will close its doors officially on Dec. 30, citing rising rent costs.

For me personally, in between news-casts, and finding stories, I like to travel down to Times Square and visit Toys R Us because I used to go there a lot when I was a kid- visiting the WWE toy section, or playing with all those Thomas trains. But recently, with all the new stuff that they put into the store, it's been less about the toys. I mean, if you go in there, they added Scoops R Us, a whole bunch of electronics and tablets, a Candy Land section... Heck, they even added an arcade on the third floor.

Anyway, the 110,000-square-foot store space opened in 2001, but since the emergence online retailers like Amazon, the toy retailer has struggled to keep its foothold in the marketplace.

Gap Inc. will reportedly take over the space, according to Crain's.

So far, this year's holiday sales growth has not met the expectations of the new Toys "R" Us Chief Executive Office Dave Brandon, according to Bloomberg News.

In 2017, the word's largest toy retailer will open a sprawling 55,000-square-foot store inside the American Dream Meadowlands where it will sell a line of FAO Schwartz branded items.

Toys "R" Us bought FAO Schwartz in 2009 and has since closed its iconic location in New York City at its pricey 5th Avenue storefront.

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