Amazon.com Inc. is reportedly planning to establish its first-ever brick-and-mortar store in the company's 20 years of existence, according to a report from Wall Street Journal. Insiders say the location of the online retailer's first actual outlet will be in New York City.

Sources say Amazon.com is currently shopping for store space in the middle of New York, specifically in Manhattan on 34th Street, right across where the Empire State Building is situated. The 12-story building once housed an Orbach department store, says Geek Wire, and if all goes according to Amazon's plans, will be home to the first physical store of the online retailer giant.

The new establishment will also function as a pick-up location for Amazon customers who ordered their goods online, as well as becoming a distribution center for same-day deliveries.

Blair Hanley Frank writes in his Geek Wire article that "playing in the physical world is nothing new for the company, which has already launched automated vending machines for its Kindle e-readers and Kindle Fire tablets. Amazon also offers delivery to lockers in cities around the world, for people who don't want to have their package delivered to their home."

"It's entirely possible that the company's plans could change in the future - this store would be an experiment for Amazon - but if it turns out well, the company may choose to roll similar stores out to other cities around the U.S.," writes Hanley Frank.

Amazon.com's move to open an actual store is "just the latest sign that online merchants are learning the value of offering a physical store to shoppers," according to an SF Gate article.

A few other online retail shops such as SwimSpot and JustFab have already taken the plunge and opened their won brick-and-mortar stores. Bonobos, a popular men's fashion retailer, has also opened a store in Los Angeles.