Would you change your domain name if its similar to an established site?
 

Say you got the domain name SexToysStore.com and you put a site up
then you find that there is already a SexToyStore.com out there, with 1 less "s", and you think that some people will type in SexToyStore when they are looking for you. Because you have the extra "s" and people forget to type that in when looking for you.

Would you keep the name and possibly lose some typeins, or change the name to something else so theres no confusion?

I'd probably 301 it to another domain so that way the type in mistakes will work in your favor and not the other way around.

Serious shit answer is that I would sell the domain to the other company or let the domain expire and get new one for myself.

You know: brand recognition, trademarks, legal issues, etc.

thanks guys, changing it now

Pornhubs?

No. Unless forced to do it.

You got the domain name SexToysStore.com and there is already a SexToyStore.com out there, with 1 less "s".
exToyStore.com
SexToyTore.com