Printer Friendly

TOYS 'R US TO OPEN ON STATE STREET IN 1993

 TOYS 'R US TO OPEN ON STATE STREET IN 1993
 CHICAGO, Sept. 24 /PRNewswire/ -- Toys 'R Us (NYSE: TOY) announced


completion of negotiations to open its 4th national Center City location on State Street in downtown Chicago. The project will house 60,000 sq. ft. of retail space, 45,000 sq. ft. devoted to Toys 'R Us, and 15,000 devoted to the companion clothing store Kids 'R Us.
 The site, 6 to 20 South State, runs from the building at the Southwest corner of State and Madison streets to the alley. Plans call for a 60,000 square foot, two story retail facility. Construction will begin in January of 1993, with an opening target the 1993 holiday selling season.
 "This is another terrific boost for State Street," said G. Brent Minor, chairman of the Greater State Street Council. "This announcement caps an incredible twelve months for the State Street area which includes the opening of Filene's and T.J. Maxx department stores and completion of their handsome One North State Street building, the completion of the spectacular Marshall Field's renovation, the opening of the elegant Stouffer Riviere Hotel on the north, and the Harold Washington Library Center on the south, and announcement of the purchase and renovation of the Goldblatt's building by DePaul University."
 "The business community is eager to welcome this substantial new retailer to the street," added Sara Bode, president of the Council. "The fact that the economics were made sufficiently attractive to convince TOYS to enter this downtown market evidences a team-wide cooperative approach by the board of education, the developers, and the retailer to 'make it happen.' We salute and appreciate this effort - and its testimony to the viability of State Street."
 This will be the discount giant's first center city store in the Midwest; others are in New York and San Francisco. Toys 'R Us has 497 stores nationwide and 131 stores abroad; 1991 sales were $6.1 billion. The chain also operates 200 Kids 'R Us clothing stores in the U.S. "We have been looking at center city stores for a long time, but many downtown areas are not healthy enough to support our type of operation," said Michael P. Miller, senior vice president of real estate. "However, we are extremely optimistic about State Street and Chicago."
 The site is owned by the board of education, who is making a long term lease to the developers, Bill Smith, Creative Construction and Stan Nitzberg, Midwest Realty. The existing low buildings will be razed to make room for the project.
 -0- 9/24/92
 /CONTACT: Sara Bode of Greater State Street Council, 312-782-9160, or Michael P. Miller of Toys 'R Us, 201-782-7850/
 (TOY) CO: Toys 'R Us ST: Illinois IN: SU:


TM -- NY083 -- 3351 09/24/92 18:42 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Sep 24, 1992
Words:466
Previous Article:TEKTRONIX BOARD APPOINTS JOHN P. KARALIS VICE PRESIDENT OF CORPORATE DEVELOPMENT
Next Article:MANAGEMENT COMMITTEE ESTABLISHED AS FURTHER STEP TO BUILDING THE NEW TWA
Topics:


Related Articles
TOYS 'R' US REPORTS 40 PERCENT INCREASE IN SECOND QUARTER NET EARNINGS
TOYS "R" US REPORTS SALES FOR CHRISTMAS SEASON AND ELEVEN MONTHS SALES FOR THE CHRISTMAS SEASON ROSE 18.5 PERCENT
FOR TOY INDUSTRY, REGISTERS RANG '92 OUT WITH A BANG; EXPERTS ACCURATELY PREDICTED TOY SALES BOOST
TOYS 'R' US REPORTS RECORD SALES AND EARNINGS NET EARNINGS INCREASED 29 PERCENT
TOYS "R" US REPORTS FIRST QUARTER EARNINGS INCREASE OF 25 PERCENT
TOYS "R" US REPORTS SECOND QUARTER RESULTS WILL OPEN AT LEAST 105 TOY STORES IN 1993, INCLUDING 65 INTERNATIONALLY
TOYS "R" US REPORTS SALES FOR CHRISTMAS SEASON AND ELEVEN MONTHS; MANAGEMENT CHANGES ANNOUNCED
TOYS 'R' US ANNOUNCES EXPANSION PLANS FOR 1994; COMPANY ALSO CREATES FRANCHISE DIVISION TO FURTHER ACCELERATE GROWTH
Christmas jobs joy as toys retailer plans seasonal recruitment drive.

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters