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Toys ‘R’ Us to soon become a passé?


If reports are to be believed, America’s oldest and favourite toy store Toys ‘R’ Us will soon shut shop in many countries in which it operates in. While a slew of reasons ranging from bankruptcy to expensive debt service, stiff-necked competition from ecommerce and big box retailers to loss-making stores are cited as the reasons behind the proposed closure, the store has not officially confirmed the reports on a possible closure (that might become effective at least in a few countries). 

As a parent, I have had fond memories shopping at the stores, be it the USA, UAE or even in India (in our own namma Bengaluru). Whether the store will shut its doors to its customers now, or in later months to come, the fact remains that the 69-year-old toy behemoth will remain an iconic toy store for many. 

Toys ‘R’ Us, which sells toys and baby products across 1,600 stores in 38 countries, forayed into Indian market last October with much hype. Its 20,000 sq ft. store that opened in Bengaluru, was touted to be one of the biggest toy stores in the whole of India. I remember attending the store opening and visiting the store on the inaugural day. Frenzy crowd- excited children who were accompanied by equally excited parents marked the opening. Tablez India, a division of UAE based LuLu group runs the brand in India in two formats – Toys ‘R’ Us and Babies ‘R’ Us, similar to the pattern followed in other parts of the world. The question, however remains that why would such a big retailer decide to foray into a virgin market like India, just a month later it filed for bankruptcy (for its US and Canadian subsidiaries). 
Of course India’s quest for branded toys and kids’ product market cannot be overlooked upon. That possibly explains why the chain had chalked out ambitious plans to open 65 more stores in India over the next decade. With an investment of $50 million (Rs326 crore), the chain had planned to open stores in metros like Delhi and Chennai along with its partners. But all that may not happen anymore.

Reports also suggest that globally, Toys ‘R’ Us plans to invest $277 million between 2018 and 2021, coupled with conversion of existing locations into side-by-side storefronts dedicated to toys and the company's Babies ‘R’ Us brand. Post these initiatives, the chain is looking to revamp its space to house interactive spaces which could be used for parties, live product demonstrations etc. The chain is also planning to include introduction of augmented-reality video games which shoppers can play while shopping at the stores.

Meanwhile a recent Twitter statement from Toys ‘R’ Us read: To our loyal customers - We’ve seen an amazing outpouring of love and support in recent days and we truly appreciate it. Our stores are open for business, ready to bring joy to children wherever we can, and to help new and expecting parents navigate raising a family.

When you are a parent, toy stores become an integral part of your lives and so was Toys ‘R’ Us. Will surely miss romping through the lanes of the shop (if they shut shop that is)!

 

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