Struggling toy retailer Toys“R”Us Inc. appears to be shaking up its bricks-and-mortar strategy, adding play spaces to its stores and reportedly shuttering its iconic Times Square location.
The Wayne, N.J.-based company has not confirmed the closure of the 110,000-sq.-ft. flagship store, but it has confirmed the lease expires in 2016 and that it’s evaluating options. Meanwhile, Chairman and CEO Antonio Urcelay detailed plans to open a prototype store this year that features floor space dedicated to play areas and new technology to engage children.
Urcelay, who took over the position in 2013 after running the Toys“R”Us European division, discussed the new strategy during a recent presentation for investors. The company, which was once publicly-traded but was taken private in 2006 by Bain Capital Partners, KKR & Co., and Vornado Realty Trust. The changes are part of a strategic plan Urcelay introduced in 2014 called “TRU Transformation.”
National Real Estate Investor: Toys“R”Us Shifts Bricks-and-Mortar Strategy