For adults, the Fifth Avenue FAO Schwarz flagship is best known for Tom Hanks’s famous piano scene in 1988’s Big; for kids, it’s best known for toys they need-want-must-have.
With the closing of FAO Schwarz, Upper East Side toy store Mary Arnold Toys gains a new distinction.
The Fifth Avenue store opened in its current location in 1986.
It’s been in this location for almost 30 years and has evolved from a giant toy store to a New York City tourist destination. “In fact, it is actively searching for another location in midtown Manhattan where FAO Schwarz can welcome shoppers from around the world”.
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Diane Keaton was seen going on a shopping spree at FAO Schwarz to buy new toys for her daughter in the Charles Shyer-directed film about a woman who inherits a baby from her distant relative.
Throughout the years, the 153-year-old store has become embedded in popular culture.
“The company is committed to the FAO Schwarz brand and growing its legacy”, Toys “R” Us added.
There is talk of it reopening next fall in Times Square.
Working with landlord Boston Properties, Toys “R” Us opted not to renew its lease.
Following the recent announcement of its upcoming closure, thousands of folks have poured through its doors to say good-bye to the store that just didn’t haven enough sales to stay afloat.
In May 2015, Bloomberg reported FAO would shut down its flagship location, citing high rents as a major source of trouble.
According to Bloomberg, the store is looking to relocate and is even considering a location on the West Side of Manhattan.