Disney Store Finds New Home in Times Square

The Disney store will be setting up shop a bit closer to its theatrical homes on Broadway. The Disney Store North America announced today that it has signed a lease for the former home of Virgin Records at 1540 Broadway, between West 45th and West 46th streets.

Crains New York reports: "Speculation has abounded in the 18 months since Pasadena, Calif.-based Disney announced it would be abandoning its 15-year location at 711 Fifth Ave. later this month, thanks to hefty rent increases. Though the move to Times Square is partially financial-rents on Fifth Avenue above 49th Street are near $2,000 a square foot, while prices in Times Square average $800 to $1,000 a square foot-the brightly-lit neighborhood will also give Disney access to tourists and locate it close to competitors like Toys R Us.

'The physical layout and square footage availability was what we were looking for,' said Jim Fielding, president of Disney Stores Worldwide. He explained that the proximity to the new Times Square pedestrian park, as well as the closeness to Disney's theatrical ventures, such as the New Amsterdam Theatre, were key in picking the Vornado Realty Trust-owned site. Disney also liked the build-out Vornado submitted for the new store."

The newest Disney store is expected to occupy approximately 25,000 square feet of the space on the first, second and third floors. The Times Square store is scheduled to open in late fall of 2010.

To read the full report in Crains of the opening, click here.

On Broadway, Disney Theatricals is currently running Mary Poppins and The Lion King.  For more information visit disney.go.com or click here.