Toys R Us closing flagship store in Times Square

Started by HannafordHearts, March 23, 2015, 11:41:15 AM

Previous topic - Next topic

0 Members and 1 Guest are viewing this topic.

HannafordHearts

From CNN: http://money.cnn.com/2015/03/18/news/companies/toys-r-us-times-square-store-flagship/

QuoteThe flagship Toys "R" Us store in New York City's Times Square is closing.
The store's lease expires at the end of January 2016 and is not being renewed, according to Brad Mendelson, vice chairman of retail services at Cushman & Wakefield, the real estate firm marketing the property.
"They did not renew subject to their option. That was their choice," Mendelson said. The building's owner is already talking to other retailers, he said.
Toys "R" Us spokeswoman Linda Connors acknowledged that the lease expires next year but didn't confirm that it is not being renewed. "We have been reviewing our lease renewal options," she said.
The company has over 1,500 stores globally and 13 in New York City. It was unclear if Toys "R" Us is planning another store near the Times Square location.
"We have not signed a lease agreement for a new location and any rumors regarding this ongoing process are just that," said Connors.
The Toys "R" Us store has been located in New York's premier location at 1514 -1530 Broadway, between 44th and 45th Streets for 16 years. It's a popular tourist attraction, featuring a 20-foot T-Rex dinosaur that roars, a life-size Barbie dollhouse and a 60-foot Ferris wheel. It attracts big crowds, especially on Black Friday.
But Mendelson said he has already in negotiations with "a number of prospective tenants. They're all retailers, he said, but he would not identify them.
Mendelson said that Toys "R" Us occupies 110,000 square feet of space in the building.
He said the ground floor costs $2,500 per foot per year, while the second floor costs $350 and the basement costs $150 per foot a year. An area that he referred as the "side street," located behind the store, costs $400 per square foot per year.
The ground floor is much more expensive that the other areas because it has store front access to Broadway.
The incoming tenants will begin to build their individual stores in 2016, he said. They'll be dividing up the massive space currently occupied Toys "R" Us.

Discuss.

This is very sad news. I've been to here three times, and always loved going here whenever I was in Times Square. I will miss this place. :(

danfifepsu

I read this a week ago and will it really happen? I FEAR IT WILL and have feared this for 2 yrs now when the article 2 yrs ago foreshadowed this. I hope they relocate. thy are trying to talk to the landlord for a reasonable rent.

MikeRa

There are still some old elements of the Criterion Theatre inside this Toys R Us location
"And I'm not missing a thing, watching the full moon crossing the range"

danfifepsu

Quote from: MikeRa on March 24, 2015, 09:57:39 PM
There are still some old elements of the Criterion Theatre inside this Toys R Us location

what will happen next?

danfifepsu


Retail Fan+ (Justin Hill)

Toys "R" Us will open a new flagship store at American Dream Meadowlands.

danfifepsu

Quote from: ShopKoFan on December 20, 2016, 05:19:22 PM
Toys "R" Us will open a new flagship store at American Dream Meadowlands.

but its NOT IN NYC

Retail Fan+ (Justin Hill)

Quote from: danfifepsu on December 20, 2016, 10:21:13 PM
Quote from: ShopKoFan on December 20, 2016, 05:19:22 PM
Toys "R" Us will open a new flagship store at American Dream Meadowlands.

but its NOT IN NYC
It's in New Jersey, next to the New York Jets' and Giants' stadium.