Retail giant will continue to evaluate its lease renewal options amid rumours surrounding the future of one of its largest international stores.
Toys R Us has revealed it will continue to evaluate its lease renewal options amid rumours surrounding the future of one of its largest international stores on Times Square, New York.
In 2013 it was reported that the future of the store was in the balance as rent was to jump from around $12 million to more than $50 million by 2016.
As the toy giant draws ever closer to the end of lease date, speculation has reared again over whether the store will hold on to the 110,000-square-foot site, occupying one of the most valuable retail spaces in the city.
The firm has confirmed that for now, despite speculation, it will continue to evaluate its lease renewal options when it expires next year.
A spokesperson of Toys R Us, Inc’s corporate communications team, told ToyNews: “The lease for our store in Times Square expires in 2016 and, as such, we continue to evaluate our lease renewal options.
“Toys R Us has been a proud resident of Times Square since our international flagship store opened there over ten years ago, and we are hopeful that we will be there for many years to come.”
Opened in 2001, the flagship store is known for its life-sized T-Rex dinosaur, a 60-foot indoor ferris wheel and a 4,000 square-foot Barbie dollhouse.
