As reported by Reuters and other news outlets, FAO Schwarz, the oldest toy store in the U.S., is closing its iconic Fifth Ave. flagship store in Manhattan, citing rising rent prices. The store will shut its doors on July 15, exiting early from its lease.
The three-level, 45,000 square-foot space is a popular tourist destination, and has made cameos in multiple movies, most memorably in 1988’s Big, starring Tom Hanks.
“The decision to vacate this space is due to the continuing rising costs of operating a retail location on Fifth Ave. in New York City,” FAO Schwarz said in a statement released on Friday.
FAO Schwarz, which was acquired by Toys “R” Us Inc. in 2009, is actively looking for a new space in Midtown Manhattan to re-open its flagship store.
The toy retailer was founded in 1862 in Baltimore by German immigrant Frederick August Otto Schwarz, and by 1870, moved to New York City. It began occupying the General Motors Building on Fifth Ave. in 1986.
