David Jones is selling off its menswear store in Melbourne's Bourke Street Mall and revamping its sister site across the road.
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The retailer's owner, South African Woolworths Holdings, announced it would put 299 Bourke Street up for sale in the coming months.
Refurbishment of the womenswear store at 310 Bourke Street will start and be completed in 2021.
"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," WHL Group CEO Ian Moir said in a statement on Wednesday.
Funds from the sale will be applied in part to the refurbishment project, with the remainder applied to other areas of the business.
It follows a similar move in Sydney 's Elizabeth Street flagship store.
In August WHL announced a $437.4 million write down in value of the David Jones business.
Australian Associated Press
