Premier Retail has confirmed it will close its Just Jeans and Portmans flagship stores in the Bourke Street Mall this year following 30 years of trading.
The company has stated the decision came "as a direct result of unrealistic rent expectations".
After generating over $5m in sales in FY17, both stores will close in October this year.
The departure from the iconic shopping location is part of an ongoing program to close unprofitable stores throughout the Premier Retail network.
As consumers continue to shift their spending from physical stores to online, the company said the focus would continue to be on the performance of individual stores.
In a statement by the company to shareholders yesterday, it indicated that brands would continue to be removed from shopping centres that do not meet rent expectations.
"Where landlords do not continue to invest in overall shopping experiences and/or adjust their rent expectations in line with the performance of their own centres and the major shift in consumer behaviour, further store closures may be necessary," a statement read.