Myer has begun store closures as the retailer attempts to reverse its flagging fortunes.
The retailer says it will close its store at the Top Ryde City shopping centre in Sydney's northwest in late July.
It will also shut three stand-alone speciality stores that were part of a trial in Melbourne's north by the end of August.
This means the company has abandoned the idea of selling Myer exclusive brands in speciality stores.
Newly appointed chief executive Richard Umbers says Myer will now focus on its core business and the productivity of all department stores are being assessed as part of its strategic review.
"We have recently undertaken an extensive analysis of our current and future customer base, on a catchment by catchment basis that now informs our decision making," he said in a statement on Monday.
He said the closure of the Top Ryde City store, only four years after opening, came after careful consideration.
The redevelopment of the shopping centre also provided the right opportunity to exit, he added.
Some analysts have been expecting Myer to close at least seven department stores and launch a capital raising to fund a major restructure since it shocked investors with a profit downgrade earlier this year.
The retailer lowered its full year profit forecast in March to between $75 million and $80 million, well below market expectations of a $90 million profit and the previous year's $98.5 million result.
However, Myer did post a solid lift in third quarter sales last month.
Comparable sales, which strip out the effects of store openings and closures, rose 1.7 per cent.
Myer attributed the solid sales growth to refurbishments at four of its major stores and two new stores that opened before last Christmas.
In its statement on Monday, Myer said it would provide a strategy update "in due course".
Its shares had dipped by two cents, or 1.33 per cent, to $1.48.
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