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Microsoft to Open Fifth Ave Store Just Blocks from Apple

Microsoft has signed a lease to open its first flagship store on New York's Fifth Avenue just five blocks away from Apple's glass building, in a move mirroring its California-based rival. The site will take the place of the current Fendi store at 677 Fifth Avenue and is a significant announcement in Microsoft's five-year retail drive as it tries to strengthen its brand and win back market share from the likes of Apple and Samsung.

The shop will sell Microsoft's flagship products such as Windows Phones, Xbox One and Surface Pro tablets. Windows Phones have fallen behind Apple and Android devices and in the second quarter of 2014, and had just a 2.5 percent global market share, according to IDC.

Microsoft to CNBC: Laying off 2,100 workers today 2:03

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-- Arjun Kharpal, CNBC