One retailer's loss is another one's gain. 

Red-hot athleticwear brand Under Armour (UA) - Get Report disclosed Tuesday it will open a store in the space once held by the iconic New York City toy retailer FAO Schwarz, which was in that Fifth Avenue location for 29 years.

The 53,000-square-foot store will open at the earliest by the end of 2018, the latest by mid-2019, Under Armour founder and CEO Kevin Plank told analysts on a call. Plank believes the store -- located across Fifth Avenue from New York's Central Park -- will help "plant a flag" in the ground for Under Armour, helping it to attract top design talent and of course, showcase its very best product offerings.

Toys "R" Us closed FAO Schwarz in July of last year due to rising rental costs. Said Toys "R" Us at the time, "The decision to vacate this space is due to the continuing rising costs of operating a retail location on Fifth Avenue in New York City." Under Armour didn't disclose what it will be paying to rent the space.

The decision to open in this location, featured in the 1988 movieBig, comes as Under Armour seeks new ways to get its brand more widely known.  

Under Armour said Tuesday it will launch in about 600 of Kohl's (KSS) - Get Report 1,200 stores in the first quarter of 2017 in effort to better reach female shoppers. "There is a customer walking into their stores [Kohl's] that just haven't been able to find our brand," Plank said.

The company will further introduce more higher-end offerings -- including wear to work apparel -- in a limited number of partner stores under a new brand called Under Armour Sportswear. The clothes, said Under Armour, may not feature the company's logo on the outside but will have features the brand is known for such as stain resistance and stretch material.

Investors cheered the new initiatives, sending Under Armour shares over 1% higher despite a mixed second-quarter