Toys R Us Shuts down Times Square Outlet
The luxurious toy superstore, Toys R Us, has shut down its flagship outlet at Times Square in New York City. The 21,000-square foot outlet saw its last customers on December 30, 2015. The store had an indoor Ferris wheel of 60 feet and an animatronic Tyrannosaurus rex of 20 feet. The outlet also stored a life-size Barbie dollhouse. The outlet had been operational for 14 years.
The outlet started in 2001; just a few years after the surrounding area got rid of being an adult entertainment and grime center. The company’s lease for the store is expiring in January 2016 and a decision was taken for not renewing the lease owing to extremely high rentals. These details were provided by the company spokeswoman Elizabeth Gaerlan. The same reason was given when the company closed down F.A.O. Schwarz in July.
While the company is finding a new location to set up its Manhattan flagship store, it plans to retain over 350 employees, who were associated with the closed outlet. "Here's really the story about why they're leaving. The rents have gone so high that nobody can afford that amount of ground floor space in Times Square,” said C. Bradley Mendelson, an agent for the building's owner, Bow Tie Partners.
The rent of the building has increased from $400 per square foot to $2,000 per square foot during the last 15 years. The rent for the ground floor, especially with an area of 21,000 square feet, is enormously high to be afforded by a single company.
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