Guitar Center Inc. announced its newest location will open at Times Square in New York City on Aug. 7.

The Westlake Village musical instrument retailer’s new store will feature an in-house lesson facility Guitar Center Studios, free Recording Made Easy classes, in-house rental department, a hands-on electronic music department and onsite guitar repair service GC Garage.

The store’s design was updated by design firm Eight Inc. in San Francisco, which also designed stores for Apple Inc. and Nike Inc.

Mike Pratt, chief executive, said entering the high-traffic area will introduce more customers to the brand beyond its existing 261 locations.

"Joining the caliber of retailers that have established a presence in Times Square over the years is a huge accomplishment and a statement as to how far the brand has come," Pratt said in a statement.

The Tonight Show band The Roots will perform at Guitar Center’s Times Square grand opening.

Cheesecake Factory Inc. reported higher quarterly net income Wednesday, but still fell short of Wall Street expectations.

The Calabasas company reported net income of $30 million (59 cents a share) in the fiscal second quarter ended July 1, compared to $28.6 million (52 cents) in the same period a year earlier. Revenue rose about 5 percent to $496 million.

Analysts on average expected net income of 61 cents on revenue of about $502 million, according to Thomson Financial Network.

Chief Executive David Overton said he was pleased by the company’s 18th consecutive quarter of positive comparable sales.

“We continue to outperform the casual dining industry, as we have done each quarter for nearly three years, by staying relevant to consumer tastes and trends, maintaining high standards for quality and providing guests with an exceptional experience,” he said in a statement.

Shares lost 36 cents, or 0.81 percent, to close at $43.96 on the Nasdaq.