It was a rare, solemn day in New York City's Times Square when retailer Toys R Us shuttered its 110,000-square-foot flagship store, burdened by rent that reportedly reached $2,500 per square foot.
Despite that eye-popping price, there's no peak in sight for Times Square rent, one expert told CNBC.
Retailers can expect to keep shelling out for a presence in Times Square because of the exposure it provides, said Robert Futterman, founder of retail leasing and investment sales brokerage firm RKF.
"Times Square is still the No. 1 attraction in the world," Futterman said, speaking to CNBC's "Power Lunch." "For a company like Gap and Old Navy, brand recognition is critical, and the same for a lot of other tenants that are looking to open in Times Square."