Tributes paid as Toys R Us founder passes away

Charles Lazarus, the founder of Toys R Us, has died, aged 94, one week after the company announced it would close all US and UK shops and seek bankruptcy protection.

"There have been many sad moments for Toys R Us in recent weeks, and none more heartbreaking than today's news about the passing of our beloved founder, Charles Lazarus. Our thoughts and prayers are with Charles' family and loved ones." the retailer commented online.

There is sad synchronicity in the timing of the death, observes Neil Saunders, Managing Director at GlobalData Retail. “The current woes of the toy giant do nothing to detract from the passion, skill, and enthusiasm that Mr. Lazarus brought to the business," he says. "The Toys R Us he created was an innovative and pioneering retailer that, in an era before online selling, used scale and volume to create a mecca to which generations of children were drawn. Unfortunately, many of the attributes that once made Toys R Us successful eventually became burdens that prevented the firm from competing in a digital era.”

Lazarus was not the author of those failures, Saunders believes. Indeed, when he exited the firm in 1994, he left a sound business that had pride and purpose. “Sadly, many - though not all - of his successors lacked his commercial intellect. Where he made sound decisions, they stumbled and made choices that would ultimately lead to the firm's demise."

The cold treatment of Toys R Us, meanwhile, by private equity players during its latter days was "in sharp contrast to the warmth and joy Mr. Lazarus had for, and brought to, the business at its start. Ultimately, his vision and approach were right. Retail in general and toy retail, in particular, is a business that needs emotion and enthusiasm. Once those things disappear, it is not long until decline sets in.”

His passing is an ideal time to remember that “retail is not just about numbers, metrics, and financials. It's about passion, purpose, and strategy. Proper merchants, like Mr. Lazarus, knew this - which is one of the very many reasons he will be missed.”