It was announced this past week by CommercialObserver.com the Toys R Us would not be renewing the lease on their flagship store space in Time Square.    There’s a good chance the store will move to a smaller location in Times Square, but the current locating with it’s multi-story Ferris wheel, T-rex and impressive seasonal displays has become too expensive for the lease for the retailer.  The current Times Square Toys R Us store occupies 110,000 square feet of retail space.

The Toys R Us Corporate website says this about the flagship store:

Since its grand opening in November 2001, Toys“R”Us^® Times Square has occupied a special position in the heart of New York City as one of the Big Apple’s top tourist attractions, welcoming hundreds of thousands of kids each year. The company’s international flagship store – aptly known as The World’s Greatest Toy Store^® – boasts an astounding 110,000 square feet filled with everything from toys to trains to video games and offers unique product displays, convenient customer services and exciting features and attractions.

Kids and kids at heart come from all over the world to marvel at the many attractions at The Center of the Toy Universe^®, take a ride on the 60-foot Ferris wheel, hear the roar of the 20-foot animatronic T-Rex dinosaur or make themselves at home in the life-size Barbie^® dollhouse. And, with dedicated areas for interactive play, boutiques displaying the hottest toys, electronics for kids of all ages and spectacular views of the crossroads of the world, Toys“R”Us Times Square is a “must see” destination.

The store also offers specialty services, such as Personal Shopping and Corporate Sales, as well as gift-wrapping and shipping (to local, national and international locations), to ensure a convenient shopping experience. In addition, visitors to the store have the opportunity to mix and mingle with popular costumed characters, including Spider-Man and Geoffrey^® the Giraffe, and enjoy special events to debut the latest and greatest products. And, Toys“R”Us Times Square store hosts appearances by some of today’s kid- and tween-favorite sensations, including Nick Lachey, NBA athletes, WWE superstars, Sesame Street characters and many more.

With all it has to offer, Toys“R”Us Times Square is a premier shopping destination and has been recognized within the retail industry for its creative designs and presentations.

It appears the Toy R Us and the landlord for the space were not able to agree the the terms of a lease renewal for the prime real estate. Broker Brad Mendelson of Cushman & Wakefield said “They did not exercise the option to renew.”   It sounds as if the retailer will vacated the space in February 2016.   Insiders speculate they will move to a smaller, less expensive storefront very close by, but no official announcement from the company has been issued as of this writing.