http://www.dailymail.co.uk/news/arti...rent-high.html

It is the world-famous toy store that was immortalized by actor Tom Hanks in the 1988 film, Big.

But now, FAO Schwarz on New York City's Fifth Avenue is being shut down by its owner, Toys R Us.

The flagship store, which enthralls millions of children every year with its extensive toy range, will close on July 15 due to the 'high and rising costs' of renting its current space at 767 Fifth Avenue.

However, its closure will likely not be for good; Toys R Us is searching for another location for the 153-year-old brand in midtown Manhattan, the company revealed in a statement on Friday.

A new outlet - possibly near Times Square - could open in late 2016, Bloomberg News reported,

FAO Schwarz, which describes itself as the oldest toy store in the U.S., gained global fame in June 1988 after its giant toy piano was featured in Big in a scene with Hanks and actor Robert Loggia.

In the famous scene, Hanks is filmed dancing to 'Heart and Soul' on the floor piano alongside his boss. Since then, the piano has become a huge tourist attraction for both children and adults alike.