A high density memory architecture comprising magnetic racetrack memory and a method of operation. The memory architecture comprises a plurality of magnetic memory structures, each the structure formed of magnetic material; a sensing device associated with each magnetic memory structure; first decoder device initiating a track select signal for activating a single magnetic memory structure from among the plurality to perform a bit read or bit storage operation; a bit drive device for applying a first signal to form a new magnetic memory domain associated with a bit value to be stored in the activated magnetic memory structure at a first position thereof during a bit storage operation; and, a second decoder applying a second signal for advancing each the formed magnetic memory domain toward a second position of the activated memory structure. The sensing device reads a memory bit value stored at a magnetic domain at the second position of the activated memory structure. Subsequent thereto, a new magnetic memory domain associated with a bit value just read is formed such that the magnetic memory structure is returned to its original state at an end of the bit read operation.