Department store giant David Jones is set close its menswear site in Melbourne’s Bourke Street Mall.
Parent company South African Woolworths Holdings has announced it will be placed for sale in coming months.
The sale, expected to reap around $500 million, will be used to revamp its womenswear site in Bourke Street.
Refurbishment of the womenswear store will start and be completed in 2021, CEO Ian Moir confirmed.
“A single-store flagship housing the best local and international brands in one world-class destination will create a more seamless and cohesive experience for our customers, he said.
The refurbishment could also help recoup some of David Jones' $437 million losses this year.