Toys R Us to vacate Times Square as Gap moves in

Toy retailer has confirmed that it will now leave the site it has occupied for the last 15 years, but remains hopeful it will find new tenancy in the area.
Author:
Publish date:
Social count:
0
00trutime.png

Toys R Us will be vacating its flagship store in New York City’s Times Square, as Gap signs the lease for the 110,000 square foot store.

The toy retailer has confirmed that it will now leave the site it has occupied for the last 15 years, but remains hopeful it will find new tenancy in the area.

The store’s tenancy at 1514 Broadway has been under scrutiny since the site’s realtor reported that Toys R Us was yet to renew its lease.

A Toys R Us spokesperson has now confirmed that it will not be doing so.

“We recently decided not to exercise our option to renew the lease on our Times Square store,” they said.

However, the firm is looking for a new home for it, but is still to sign another lease.

“We are hopeful we can remain n the Times Square area,” they added.

Recent years have seen asking rent for the space double in the 15 years since the toy retailer originally signed for it, hitting as much as $2,500 per square foot on the street level floor.

Gap has not disclosed how much it has agreed to pay for the lease, but has said it will split the space into two for its Gap and Old Navy brands.

The company hopes to complete the construction of the stores by early 2017.

Related

Featured Jobs

Vivid Job Logo 620 x 349

Digital Marketing Executive - Toys & Games

Vivid is Britain’s biggest toy company and the 20 largest in the world. With offices across the globe, they sell an amazing portfolio of toys and games to over 60 countries. Vivid is best known for its association with blockbuster brands and is very excited about future opportunities around the world.

Liberty

UK Sales Agents

Liberty House Toys have been appointed as the exclusive UK distributor for the BiOBUDDi brand, and we are pleased to introduce this new unique, innovative and exciting range of 100% environmentally-friendly toy building blocks. We are seeking experienced sales agents with existing network in the toy retail market.

Gameplan Job Logo 620 x 349

Head of Product Development & Marketing

Our client is a privately owned French toy and games manufacturer which sells through distributors in forty countries. The company develops and sells innovative electronic interactive toys and games for the educational and gaming markets, and also takes suitable licenses. To progress its successful business development a Head of Product Development & Marketing is to to recruited.

HIT Entertainment Job Logo 620 x 349

Licensing Systems Administrator

The Contract System Coordinator is a newly created role to support the deal term entry process into Mattel’s new Contract Management System for its Licensing business. The role will support the Business Teams at the Deal & Amendment phase of the contracting process and act in conjunction with the System Administration team.