Children and enthusiasts of all ages in the United States will rejoice as Toys R Us is poised to make a triumphant return in the upcoming year.
In 2017 and 2018, the company faced a grim outlook when it declared the shutdown of all its U.S. outlets following a particularly disappointing holiday season. However, in a press release issued on a Friday, the brand unveiled ambitious plans to open 24 stores across the country in 2024. Additionally, it intends to venture into the travel sector by establishing more outlets in airports and on cruise ships.
WHP Global, the parent company of the toy retailer, unveiled a major expansion initiative on Friday, dubbing it the “Air, Land, and Sea” expansion. Toys R Us is gearing up to launch as many as twenty-four flagship stores, with plans to kickstart this expansion in collaboration with Go! Retail Group as soon as next year. WHP Global emphasized that the company intends to introduce these stores in strategically selected “prime cities” that enhance its existing retail presence.
The brand had its origins in 1948 when Charles Lazarus, a World War II veteran, established it. It adopted the name “Toys R Us” in the late 1950s.
According to History, it was the inaugural big-box toy store ever conceived, setting it distinctly apart from other toy retailers of its era. Here, shoppers could explore aisles brimming with a vast array of thousands of toys across various categories, an experience unparalleled elsewhere.
Over the ensuing decades, these continuously growing stores experienced an explosive surge in popularity, playing a pivotal role in disseminating some of the most renowned toys throughout the United States.
Through their advertisements, celebrity partnerships, and the endearing mascot Geoffrey the Giraffe, Toys R Us successfully marketed and sold a wide array of toys, including popular items like Mr. Potato Heads, Cabbage Patch Kids, and Barbies, to the delight of countless customers.
In 2017, Toys R Us declared bankruptcy, but despite its efforts, it was unable to emerge from this financial crisis, ultimately leading to its liquidation. As per an SEC filing in January of that year, the company was operating 1,691 stores and had licensed an additional 257 stores in 38 countries.
In 2021, WHP Global secured a controlling stake in the parent company of Toys R Us, Tru Kids. Subsequently, the company outlined its intentions to launch more Toys R Us stores nationwide, following the closure of the brand’s last two remaining U.S. locations earlier in 2021.
The first airport store is scheduled for a November debut, just in time for the holiday season, at Terminal A of Dallas/Fort Worth International Airport, the world’s second-busiest airport.
“The Toys R Us brand is growing fast and our expansion into air, land and sea is a testament to the brand’s strength,” expressed Yehuda Shmidman, who serves as the Chairman and CEO of WHP, in an official statement.
WHP Global has significantly expanded Toys R Us since its acquisition. The company now boasts over 1,400 stores and e-commerce sites in 31 countries, representing a more than 50% increase in its global presence.
One notable store is the flagship two-level location at the American Dream mall in New Jersey, featuring attractions like a two-story slide, café, and ice cream shop for kids. The upcoming flagship stores will emulate this immersive shopping experience, although the New Jersey store will likely remain the largest.
Furthermore, Toys R Us is venturing into airports and cruise lines to tap into the travel retail market. Their Dallas airport store, in partnership with Duty Free Americas, allows travelers to shop for toys and regional merchandise before their flights. The company also plans to offer a range of toys and cruise-themed merchandise.
Notably, the Toys R Us brand generates over $2 billion in global retail sales annually, according to WHP.
(Source: Laya Neelakandan | CNBC | Sebastian Cahill | Business Insider)
