FAO Schwarz is one of the oldest toy store establishments in the United States, and because of rising rent prices, closing its famed Fifth Avenue flagship store in New York City.
The famous tourist destination is a three-level 45,000 sq. ft. space positioned alongside other high-end and prestigious retailers such as Cartier, Gucci, Louis Vuitton, Salvatore Ferragamo, Tommy Hilfiger, and more. Taking an early exit from its lease means the store will close its doors on July 15, 2015. In a statement released on Friday, FAO Schwarz says:
The decision to vacate this space is due to the continuing rising costs of operating a retail location on Fifth Avenue in New York City.
In 2009, FAO Schwarz was acquired by Toys “R” Us and, in efforts to keep the boutique toy store alive, they are actively looking for a new space in Midtown Manhattan to reopen its flagship store.
FAO Schwarz has been prominently featured in big screen movies like Mighty Aphrodite and Big ft. Tom Hanks.
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