New York bid goodbye to FAO Schwarz' Fifth Avenue flagship store Wednesday as the iconic outlet closed shop after it opened in the prime shopping district in 1986. Toys "R" Us Inc., FAO Schwarz's parent company, has explained that the move is part of the strategy to save costs, as reported by HNGN in May.
The popular store occupies a humungous 45,000-square-foot area, which proved too costly for the company to maintain due to the ever-rising rental prices in its location on 58th Street, the Wall Street Journal reported.
New Yorkers were dismayed by the news and many scrambled to shop before the store closed Wednesday night. Shelves were immediately wiped out as parents with their wide-eyed children purchased toys in armloads. Many customers were also seen taking photographs with employees known for dressing as toys, such as the famed toy soldiers, according to the Wall Street Journal. "I've been coming here for 30 years buying gifts for my kids," a customer was quoted in the report.
FAO Schwarz says that it is the oldest toy store in America. It includes a 4,000-square-foot candy shop and was the location for movies such as "Big" and "The Smurfs." It is popular for its giant stuffed toys that include a Wild Republic section selling stuffed wildlife. The store's giant piano was immortalized in a scene featuring Tom Hanks dancing in "Big." Celebrities were also known to frequent the store, such as Kim Kardashian, Britney Spears and Nick Jonas, among others.
Toys "R" Us reassured FAO Schwarz's customers that the store will reopen somewhere in midtown Manhattan. The company is reportedly still scouting for a viable location, Reuters reported. The store used to have 40 retail locations across America, but to date the flagship store was the last outlet remaining. If Toys "R" Us decides to close it permanently, it will effectively end FAO Schwarz 145 years since its founding in 1870.
