The new design is said to be even simpler and more user-friendly than the current design. Apple is working on ways to enhance the speed and efficiency of finding new content, such as songs, videos, and applications. The cornerstone element of Apple's new iTunes Store is interactivity. As Apple vaguely explained to a number of music labels and entertainment partners, Apple is looking to make the iTunes Store a much more engaging experience.
It's unclear whether the redesign of the iTunes Store will launch alongside a new version of iTunes or whether it will be just minor upgrade. The site suggests that along with the update to the OS X store there will also be a major update to the iOS version of the iTunes Store.
9to5Mac believes the store is being developed alongside OS X Mountain Lion so we could get a glimpse of the redesign this summer.