Department store giant Myer has announced it will close the Brisbane CBD flagship store it has operated since 1988.
Myer has revealed a breakdown in lease renewal negotiations with the landlords, Vicinity Centres and superannuation management company ISPT Core Fund, has seen them walk away from the Queens Street Mall and Elizabeth Street building, dubbed the Myer Centre.
Myer will “continue to search for alternative locations” in the Brisbane CBD.
“Whilst Myer remains committed to having a presence in the Brisbane CBD, it has not been able to reach appropriate and reasonable commercial terms with the current landlord, which will see the current store cease trading at the end of July 2023,” the department store said in a statement.
“Myer has a proud history of serving the Brisbane community and will continue to do so through our Indooroopilly, Chermside, Carindale and Mt Gravatt stores, as well as online, while we continue our search for an alternative CBD site, with more appropriate commercial terms.”
Vicinity and ISPT said they are “investigating a number of options for the centre, including a downsized contemporary department store and plans without a department store which we can now progress with certainty.
“We look forward to delivering a reimagined destination in the heart of Brisbane’s evolving CBD and anticipate sharing our plans shortly.”
