Myer says it will keep its department store in Canberra's Belconnen suburb, rescinding a 2017 announcement that it would close down.
The outlet will instead be refurbished and its size reduced to a two-floor store that will sell "an increased number of new and exclusive brands," the company said.
The Westfield Belconnen store was saved after new lease agreements were struck between Myer and The Scentre Group.
"This is an example of Myer's customer-first plan in action, where we are looking to work collaboratively and constructively with landlords to reduce space, improve our stores and, most importantly, to enhance our range and brands for our customers," Myer CEO John King said.
Scentre Group CEO Peter Allen said the decision to reduce Myer's floor-space would allow other retailers to set up shop at the Westfield Belconnen "which will further enhance the overall customer experience at the centre".
Myer has a second Australian Capital Territory department store in the Canberra Centre shopping mall in Civic.
Myer shares were down 0.37 per cent to 67.75 cents at 1340 AEST on Tuesday while shares in Scentre Group were up 0.13 per cent to $3.925.
