Under Armour is taking over one of New York's most iconic places to build the 'single greatest retail store in the world'

Under Armour is opening a new store in Manhattan, in the building FAO Schwarz used to call home, the company announced on Tuesday morning.

According to CNBC, the company will take hold of the 53,000 square-foot space in 2018.  

While the opening of one store doesn't always make headlines, CNBC notes that this new store will fuse experiences, such as work-out classes, with traditional shopping.

CEO Kevin Plank said on a recent earnings call that the new space will be "the single greatest retail store in the world."

Under Armour already has a boost in that it sells activewear, one of the few categories for which consumers will pay a premium.

Under Armour posted another quarter of sales growth, making it the 25th consecutive quarter with over 20% revenue growth, the company noted.