FAO Schwarz closing shows video game dominance?

The most famous toy store in the U.S. will be closing on July 15 (USA Today). They can’t justify the rent on Fifth Avenue now that everything in New York is gold-plated. I’m wondering if this also shows the dominance of electronic games. A $ 1500 stuffed giraffe is great but do kids value it as much as $ 100 of apps?

What do readers think? Is there is a long-term downward trend for non-electronic physical toys?

[Separately I wonder what New York is going to look like going forward. Any part of the city exposed to the market economy seems to trend toward high-end stuff that is not useful for day-to-day living. Yet the government is passionate about “affordable housing” and the lucky few (55 out of 88,000 in this example) end up with an apartment worth perhaps $ 5 million that they can occupy for life, but not sell. So they can’t take the $ 5 million and move to the Midwest (or Mexico?) and enjoy being rich. Instead they will stay in Manhattan, have a job at Starbucks, and have to order everything from Amazon because the local retailers sell only furs and diamonds.]

Philip Greenspun’s Weblog

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