David Jones is closing and selling one of its major city sites selling the six-storey menswear building. The department store chain will retreat the entire operation into the main complex across the mall, which will undergo a refurbishment funded in part by the expected $500mn gained from the sale and general proceeds. The refurbishment mirrors plans for its Elizabeth Street store in Sydney where it’s downsizing from two sites spread over 17 floors into one store with 11 floors and a foodie mezzanine, closing its Market Street branch and squeezing into the one premise.