We discuss the relation between space-time renormalization group equation for closed string field theory and world-sheet renormalization group equation for first-quantized strings. Restricting our attention to massless states we argue that there is a one-to-one correspondence between the fixed point solutions of the two renormalization group equations. In particular, we show how to extract the Fischler - Susskind mechanism from the string field theory equation in the case of the bosonic string.