While some other toy shops may contest Hamleys' claim to be the finest in the world, there can be no doubt that it is the most famous and one of the oldest.

When William Hamley first opened a toy shop in London, the city was not even lit by gas lights. They would not follow for another half a century. Westminster Bridge had just opened to traffic.

For most of its 241-year history, it has been a big attraction for anyone visiting London. The store spans more than 47,000 sq feet over seven floors in Regent Street.

The recent £2.5 million sterling (€3.94 million) redevelopment of the store was designed to turn it into a wonderland for children, according to executive chairman, Mr Simon Burke.

People visit the store to be entertained as well as to buy, and teams of demonstrators are on hand to help with the 40,000 toys sold there. While a huge train set still runs around the top floor, Mr Burke says the shop has moved to accommodate the changing demands of children.

The computer games department has grown from the size of a small room to half a floor.

Its Bear Factory concept, where customers can specify the kind of teddy bear they want and see it being made, has proved a big hit.

"You have to make it your business to be as authoritative in the next range as you are in the old range," Mr Burke said.