In the latest version of iTunes, there is no obvious preference setting for removing the arrows in your library that point to the Apple iTunes Music Store. Here is how to remove those arrows in OS X.
In iTunes, arrow links will appear that will open up a particular artist or song in the Apple iTunes Store. Many people find these arrows distracting. Here is how to get rid of them.
1. Open Terminal
2. Paste the following command and press Enter:
defaults write com.apple.iTunes show-store-arrow-links -bool FALSE
3. Restart iTunes
Note: You can always reverse this with the following command:
defaults write com.apple.iTunes show-store-arrow-links -bool TRUE