Some Disney related news coming out of New York today, the Walt Disney World Company owned World of Disney Store in New York City may be on its way off of Fifth Avenue:
Walt Disney Co. announced Friday that it will not renew its lease for its World of Disney store at 711 Fifth Ave. when it expires in 2010 because of hefty rent increases.
The entertainment conglomerate notified its 220 store employees, called “cast members,” Thursday and Friday that it will be leaving its current 36,000-square-foot space, Disney’s only Manhattan location.
“The Disney Stores are going to be reviewing other potential locations in the Manhattan retail market,” said spokesperson John Nicoletti.
Speculation abounds for the company’s Big Apple relocation. Some in the real estate industry expect Disney to move to an even more tourist-laden area like SoHo or Times Square. The company formerly operated a retail store on 42nd Street and Seventh Avenue, a space which has since become a Champs store.