After 70 years in business, Toys “R” Us stores officially closes the last of its stores today. The toy store filed for bankruptcy last September and announced going out of business in March.
Texas Retailers Association President and CEO George Keleman said it appears Toys R Us didn't adjust to the evolving nature of the retail landscape, which now includes the right brick and mortar presence, as much as electronic and virtual dynamic.
“All the major companies and major retailers that you see doing well, that aren’t closing stores by the hundreds or thousands, that’s what they’re doing, they’re finding that balance,” said Keleman.
He said successful businesses maintain the physical presence where it's needed, yet enhance electronic, virtual and digital presence.
“It doesn’t look like they were keeping up with the evolving kind of dynamic of retail today and it’s what ultimately has apparently lead to their demise,” said Keleman.
He said to stay relevant, businesses need a robust Web site to fulfill purchases and orders, as well as robust connection to customers through e-mail and social media.
It’s reported that Party City will temporarily use 50 of the closed Toys "R" Us locations for seasonal "pop up" stores, and expand from its traditional Halloween City stores to offer Toy City stores that will stay open through the holiday season this year.