Confirmed: Gap and Old Navy Are Replacing Toys 'R' Us in Times Square

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One giant Ferris wheel is about to be replaced with a whole lot of denim. WWD reports that Gap and Old Navy will each open a store in Times Squares' 1514 Broadway, the address that currently houses the massive Toys 'R' Us flagship.

The news isn't exactly unexpected—the toy giant had reportedly been looking to leave for a while, and this duel-store split had been rumored earlier this month. But considering Gap Inc. just announced plans to close 175 stores across North America, the timing to announce new flagships seems a bit funny.

The paper reports that Toys 'R' Us will move out when its lease expires in the first quarter of 2016, and Gap and Old Navy will each open their 31,000-square foot stores in early 2017. The company wouldn't confirm whether they'll close the nearby Gap store at Sixth Avenue and 42nd Street; meanwhile, the addition of Old Navy negates the loss of the Soho store to Zara.

These two flagships won't take up all the space that Toys 'R' Us does within what's known as the Bow Tie Building, and a representative acknowledged to WWD that its managing company is currently speaking with other prospective tenants. Perhaps they could take on FAO Schwarz, which is set to leave Fifth Avenue on July 15th and be temporarily replaced by Apple while its flagship renovates.