A toy store that was a childhood favorite for many might be reopening again in the U.S.
Yehuda Shmidman, CEO and chairman of Tru Kids, told CNBC that he hopes to open Toys “R” Us stores again before the holiday season and added that its reappearance could come in flagships, pop-ups, airport locations or mini-stores inside other retail shops.
“There are so many malls that will no longer be in the future, so we don’t need to be there,” Shmidman said. “But we could be in malls that do have traffic. ... So we really have an opportunity not just to capture that experience for toys that people are yearning for, but also capture where [people] want to shop. That will be very interesting post-Covid.”
WHP Global, a New York-based brand management firm, announced on Monday in a press release that it’s now a shareholder in Tru Kids Inc., a parent company to Toys “R” Us, Babies “R” Us, Geoffrey the Giraffe brands and more.
“Our investment in Toys ”R” Us reflects our belief and passion for the brand,” Shmidman said. “We are thrilled to be taking the reins of the world’s leading toy brand at a time when the category is up 16% and consumer demand for toys is at an all-time high. This is a natural fit for WHP, as we can leverage our global network and digital platform to help grow Toys ”R” Us and Babies ”R” Us around the world.”