Myer Centre in Brisbane's Queen Street Mall will be restructured following Myer's exit in July, according to a joint statement from landlords Vicinity Centres and ISPT.
Vicinity and ISPT confirmed they are investigating a number of options for the centre, including a downsized contemporary department store or no department store at all.
"We look forward to delivering a reimagined destination in the heart of Brisbane’s evolving CBD and anticipate sharing our plans shortly," Vicinity and ISPT said.
"In the meantime, the centre will continue to offer the growing number of visitors, locals and CBD workers a diverse mix of retail, dining and entertainment options with no impact to public transport or car park access."
Vicinity and ISPT confirmed the decision came after months of negotiation and followed several store closures around the country as part of a consolidation strategy. They said that Myer chose not to exercise its option for lease renewal.
Through strategic footprint production, Myer closed Knox and Blacktown in 2022, with space reductions conducted in Toowoomba, Chermside and Eastland stores.
Myer also had a planned closure for its Frankston department store in January 2023.
In total, Myer has exited or announced a reduction of 119,534 square metres GLA (11.1%) of space since the first half of 2018, with a further 69,000 square metres in preparation.
The company cites the reducing of CODB as the reason for these strategic store closures.
Meanwhile, Queensland small business commissioner Dominique Lamb raised concerns for local SMEs following Myer’s exit announcement from the Myer Centre in Brisbane CBD.
In a LinkedIn post, the former CEO of the National Retailers Association said the exit can have ramifications for small businesses within the CBD.
“One of the anchor tenants has now announced its departure, and without an anchor tenant such as Myer it makes me wonder what will happen to Brisbane’s Myer Centre and what impact this will have on small business at the top of the mall,” Lamb said.
Lamb added that the exit is the end of an era for the brand, which opened its Brisbane CBD doors in 1988. She said the store brought “magic” to the CBD.
“From the familiar customer service, to Christmas windows and Boxing Day sales - there is no doubt this retailer will be missed,” Lamb said.
“I look forward to hearing who will replace Myer and hope that the Myer Centre takes this opportunity to invest in the centre's future and its small businesses.”
The Myer Centre houses Australian fashion brands such as Country Road, Honey Birdette, Sussan, Just Jeans, YD and Tarocash. It also houses local brands such as Queensland-based fashion brands Skinnys and Claybourn.