It seems like we can write a weekly column on stores closing their doors due to increased rents. What we’ve learned is that no one and no brand, venue, etc. is immune to the skyrocketing rents in Manhattan and the landlords who own these properties.
The next victim (that we know of) is F. A. O. Schwarz. I’m sure that you’re gasping just as we did when we first heard the news. We would also like to let you know that F. A. O. Schwarz’s parent company, Toys “R” Us is also closing their Times Square location at the end of 2016. Yes, that is the one with the epic Ferris wheel in the middle of the store.
Like we said, no one is safe and if these brands can’t afford the rent, who can? And, on that note, at what point will New York City be unique? The stores and experiences that they brought is what makes Manhattan what it is and that is what seems to be disappearing slowly but surely.
In this case it’s a toy store and in others its venues that people from all over the world to see. No one is safe and enjoy it all while you can. Duane Reade is coming to get you!