Toys R Us closed its four-storey flagship store in Times Square. The store is known as the largest toy store in the world occupying 110,000 feet (33,500 sqm) with a giant Ferris wheel inside the store.

On its last day, customer packed into the store, as CNNMoney reported. Many of the shelves were already empty but the store's Tyrannosaurus Rex robot and the famous 60-foot indoor ferris wheel is still there.

Toys R Us have been occupying Times Square store since 2001. However the company decided to not renewing the rental for rent-saving. According to Toys R Us spokeswoman Alyssa Peera the lease expire in January but, "We have not signed a lease agreement for a new flagship location at this time, but we are actively searching for another location in Manhattan where we can welcome shoppers from around the world."

The former location of Toys R Us in the Bow Tie Building will be occupied by GAPand Old Navy clothing chains. The building is owned by Bow Tie Partners real estate company.

Last July, Toys R Us closed its most iconic store of FAO Schwarz in midtown Manhattan. According to Business Insider, the reason of closure was of rising rent costs. FAO Schwarz is famous for its fancy stuffed animals and operated under Toys R Us.

FAO Schwarz store in Manhattan is known for its giant toy piano and have been a major tourist destination. The store was also featured in many movies and the most notable is in 1988 film "Big" starred Tom Hanks.

Toys R Us was founded in 1948 in Washington DC as a baby furniture retailer store, while FAO Schwarz was founded a lot earlier in 1862 and is considered as the oldest toy store and toy producer in the United States. After FAO Schwarz filed for a bankruptcy in 2003, Toys R Us acquired the company in 2009 and operating its stores under Toys R Us.

The high rising price of rental is cited as main reason for the shuttered of Toys R Us two iconic stores in New York. CBS News reported the rental space for Bow Tie Building has been doubled to as much as $2,500 a square foot at street level.

Toys R Us store in Times Square will remain in memory as "the World Greatest Toy Store." Its gigantic store along with its in-store amusement park as main attraction have put Toys R Us flagship store an unforgettable store. However, it is still unknown where the new location of Toys R Us store to be located.