One of the world's most iconic toy stores is shutting down today

Toys R Us is closing its iconic flagship store in New York City's Times Square on Wednesday.

The retailer is not renewing its lease on the 110,000-square-foot store, which features a giant indoor Ferris wheel, a life-size Barbie dollhouse, and a 20-foot Tyrannosaurus Rex dinosaur, Toys R Us spokeswoman Alyssa Peera told Business Insider.

"It is certainly bittersweet," Toys R Us CEO Dave Brandon told CNN Money, referring to the rush of shoppers in the store for the final Black Friday at the Times Square location.

Toys R Us also recently closed the iconic FAO Schwarz flagship store, citing rising rent costs.

The FAO Schwarz store, known for its giant toy piano, was a major tourist destination made famous by the 1988 movie "Big," starring Tom Hanks.

The closure left the 153-year-old brand without a physical store, though FAO Schwarz-branded products are still sold at Toys R us.

The Toys R Us flagship in Times Square opened in 2001.

A company spokeswoman told Business Insider that Toys R Us is searching for another space for a flagship store in Manhattan.

"We continue to explore alternative locations in the area," Peera said. "This process is ongoing."

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