Iconic Toy Store FAO Schwarz to Open in Beijing
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Heritage toy store brand FAO Schwarz is headed for Beijing after relaunching in New York City. The original store, which featured in Hollywood movies such as Tom Hanks hit “Big”, closed its flagship near Central Park, unable to meet rising rental costs. Its current smaller location under new owners ThreeSixty stands to benefit from significant nostalgia for the old store amongst New Yorkers.
Beyond plans for China, ThreeSixty intends to open pop-ups in department stores both in the US and abroad.
It faces the same competition from e-commerce and discount chains like Walmart and Target that toppled toy empire Toys R Us earlier this year.
Chief merchandising officer David Niggli said the key to the new stores is experience.
Attractions include magic tricks, certificates to “adopt” a doll and a Build-a-Bear Workshop.
Questions & Answers
Q.What led to the original FAO Schwarz flagship store closing near Central Park?
What led to the original FAO Schwarz flagship store closing near Central Park?
The original FAO Schwarz flagship store closed its doors because it was unable to meet the rising rental costs for its location near Central Park in New York City.
Q.How do the new owners plan to make FAO Schwarz competitive against online retailers and discount chains?
How do the new owners plan to make FAO Schwarz competitive against online retailers and discount chains?
The new owners, ThreeSixty, plan to focus on providing an 'experience' in their stores. This includes attractions like magic tricks, doll adoption certificates, and a Build-a-Bear Workshop.
Q.What are ThreeSixty's broader expansion plans for FAO Schwarz beyond Beijing?
What are ThreeSixty's broader expansion plans for FAO Schwarz beyond Beijing?
Beyond opening in Beijing, ThreeSixty intends to launch pop-up stores within department stores. These pop-ups are planned for both the US market and internationally.