Toys R Us closes NewYork flagship store: Ferris wheel, T-Rex and all

[webfact]

Toys R Us closes flagship store: Ferris wheel, T-Rex and all
JAKE PEARSON, Associated Press

NEW YORK (AP) — For decades, children visiting New York City savored one stop above all: a trip to the kind of toy store that existed only in their imagination. Now they'll have to keep dreaming.

The massive Toys R Us superstore in Times Square, which wowed shoppers with a 60-foot indoor Ferris wheel, a growling, 20-foot animatronic Tyrannosaurus Rex, and a life-size Barbie dollhouse, had its last shopping day Wednesday.

The closing ended a 14-year-run as a must-visit destination for any family willing to brave the big crowds. It followed the July closing of F.A.O. Schwarz, the palace of expensive and unique toys romanticized in the 1988 film "Big."

Shoppers and tourists came out Wednesday for a last look at the type of extravagance unavailable to shoppers online or at the local mall.

"It's a one-in-a-million type of place," said Janet Roman, of Berlin, Connecticut, as she gave her 9-year-old grand-nephew, Sherman Williams, his first — and last — tour of the over-the-top store. "Our Toys R Us doesn't have a Ferris wheel in it."

A steady stream of people coursed through the 110,000-square-foot space smack dab in the heart of the Crossroads of the World. Shoppers rushed to buy must-go gifts and games. Others took photos outside. The truly ambitious waited on a long, winding line to get one last ride on the Ferris wheel.

"When they were little guys, this was the big thing," said Mike Packer, of Wayne, Pennsylvania, whose 18-year-old son and 15-year-old daughter decided, for nostalgia's sake, to take a final spin.

"This is like an event to come here. It's an afternoon," added his wife, Lisa Packer. "It's obviously fun for all ages."

Toys R Us opened in Times Square in 2001, when the neighborhood was still only a few years removed from its bad-old-days as a center for adult entertainment and grime. The company decided not to renew its lease, which expires in January, because of the high cost of renting the space, company spokeswoman Elizabeth Gaerlan said.

Toys R Us also cited high rent costs in July when it closed F.A.O. Schwarz, when had enraptured generations of children in two locations near Central Park.

She said the company is searching for another Manhattan flagship store and will try to find positions for those among the more than 350 employees of the store who want to keep working at Toys R Us.

C. Bradley Mendelson, an agent for the building's owner, Bow Tie Partners, said that at roughly $2,000 per square foot, rental prices for ground-floor space in the area have become extraordinarily expensive — and with 21,000 square feet of it, Toys R Us simply had too much space to cover.

"That's a lot of rent," he said. "Rent has gone from $400-a-square-foot to $2,000 in the last 15 years when they rented the space."

Two retailers, Gap and Old Navy, have signed leases to occupy some of the ground-floor space and other parts of the building and will move in by mid-2016, Mendelson said.

"Here's really the story about why they're leaving," he said. "The rents have gone so high that nobody can afford that amount of ground floor space in Times Square."


-- (c) Associated Press 2015-12-31

[JetsetBkk]

"Here's really the story about why they're leaving," he said. "The rents have gone so high that nobody can afford that amount of ground floor space in Times Square."

And in Phuket's Central Festival shopping mall, next year's rent increase forced the closure of Burger King yesterday, Yamazaki bread shop months ago, and various other stores over the year.

[casualbiker]

"Here's really the story about why they're leaving," he said. "The rents have gone so high that nobody can afford that amount of ground floor space in Times Square."

And in Phuket's Central Festival shopping mall, next year's rent increase forced the closure of Burger King yesterday, Yamazaki bread shop months ago, and various other stores over the year.

crazy really. Because they then stay empty - no money.. Dumb!

[Dustdevil]

Jeez, at 21,000 sq ft, that makes the rent $42 million. I don't see a big profit under those conditions.

Edited December 31, 2015 by Dustdevil

[Basil B]

Landlords keep putting the prices up, now probably fewer visitors and less income for all the other businesses, the snowball has started to roll.

[Renter]

been mentioned before how Phuket is priced way way too high for what it really offers.

noticed the 2 skin care shops near Big C have closed & both of them were 75% full every time I passed so they couldn't make a go of it even with that sort of high capacity.

[JHolmesJr]

This is why I don't shop at brick an mortar stores any more.

[TheCruncher]

been mentioned before how Phuket is priced way way too high for what it really offers.

noticed the 2 skin care shops near Big C have closed & both of them were 75% full every time I passed so they couldn't make a go of it even with that sort of high capacity.

Because they are 75% full all the time doesn't mean they are running a profit.

Of any kind of business there are too many everywhere in Thailand concentrated at the same location, specifically because a business plan is non existing here, so there are actually not many busy businesses that make money since they have to operate at such a small profit margin.

[Beats56]

Man went to toys r us here in Rayong and bought the boy some Lego for Christmas and it wasn't cheap. But he was happY.

[Somtamnication]

"Here's really the story about why they're leaving," he said. "The rents have gone so high that nobody can afford that amount of ground floor space in Times Square."

And in Phuket's Central Festival shopping mall, next year's rent increase forced the closure of Burger King yesterday, Yamazaki bread shop months ago, and various other stores over the year.

That is news to me. Sad. Yamazaki opened a smaller shop at Tescos down the street.

[Shot]

Man went to toys r us here in Rayong and bought the boy some Lego for Christmas and it wasn't cheap. But he was happY.

Lego is crazy expensive in Thailand. It is however, a very well built long lasting toy. My two girls have lots of it and they play with it almost daily. You can get a little discount through Lazada.

[TheCruncher]

Man went to toys r us here in Rayong and bought the boy some Lego for Christmas and it wasn't cheap. But he was happY.

Lego is crazy expensive in Thailand. It is however, a very well built long lasting toy. My two girls have lots of it and they play with it almost daily. You can get a little discount through Lazada.

Lego is overpriced everywhere in the world now, I checked prices in my home country last year, and even the toy shop owner admitted that it is way overpriced.

Many alternatives though at much cheaper prices, some that even fit on Lego blocks.

[Wilsonandson]

Man went to toys r us here in Rayong and bought the boy some Lego for Christmas and it wasn't cheap. But he was happY.

Lego is crazy expensive in Thailand. It is however, a very well built long lasting toy. My two girls have lots of it and they play with it almost daily. You can get a little discount through Lazada.

Lego is overpriced everywhere in the world now, I checked prices in my home country last year, and even the toy shop owner admitted that it is way overpriced.

Many alternatives though at much cheaper prices, some that even fit on Lego blocks.

Cogo is a cheap alternative and fits lego perfectly. It's made in China and sold in all Thailands shopping malls. I bought a 807 pieces pirate ship for less than a 1,000 baht. The equivalent in Lego would be 5,000 baht.