Toy Retailer FAO Schwarz to Close Flagship New York City Store

FAO Schwarz, the oldest toy store in the United States and a retailer once considered accessible only to the rich, is closing its much-loved Fifth Avenue flagship store in Manhattan, citing rising rent prices. The three-level, 45,000 square foot space is a popular tourist destination and has made cameos in multiple movies, including Woody Allen's 1995 film "Mighty Aphrodite" and the 1988 movie "Big" starring Tom Hanks. FAO Schwarz said in a statement released on Friday, "The decision to vacate this space is due to the continuing rising costs of operating a retail location on Fifth Avenue in New York City."