FAO Schwarz Closing Fifth Avenue Store

But it hopes to find new location in Manhattan
By John Johnson,  Newser Staff
Posted May 16, 2015 2:29 PM CDT

(Newser) – A New York City mainstay is shutting its doors: Toy retailer FAO Schwarz—yes, scene of the Tom Hanks piano scene in Big—is leaving Fifth Avenue in July. When it does, the New York Times notes that it will be the first time since 1870 that city residents won't be able to shop there. Owner Toys R Us says it is looking for another location in Manhattan, but that probably won't happen until next year. In the interim, FAO Schwarz toys will be available online and in Toys R Us stores. The company says it can't afford the rent anymore, and for good reason: Bloomberg reports that retail rent on that stretch of Fifth Avenue is among the highest in the world at $3,500 per square foot. (Read more FAO Schwarz stories.)

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