Under Armour To Open Detroit Location

Under Armour Inc UA CEO Kevin Plank announced Saturday that the company will be opening a retail location in downtown Detroit.

The announcement was made at a charity event hosted by Dan Gilbert for the Children's Tumor Foundation.

Under Armour will be taking over one of the last prime retail locations downtown on the corner of State Street and Woodward Avenue. Other tenants in the building include Gas Station TV and Fathead. The location was won in an auction for the Children's Tumor Foundation; the winning bid was for more than $100 per square foot.

The athletic clothier will join the likes of Nike and Moosejaw who recently opened retail locations on Detroit's Woodward Avenue.

Under Armour has grown revenue by at least 20 percent every quarter for the last 6 1/2 years and is one of the fastest growing companies in the S&P 500 index.

Plank commented on the company's most recent conference call, "We believe consumers expect excellence at every touchpoint with our brand and you will see us invest to ensure that we drive growth with our long-term partners at the same time that we invest in new distribution through our own direct-to-consumer experiences."

No information is currently available on when construction will be underway or when the store will open.

Shares of Under Armour are down 23.2 percent in 2016.