Myer is set to leave its iconic site on Queen Street Mall later this year.

The Courier Mail reports the retailer is set to vacate the location in July after declining an offer from the centre’s owner to move into a smaller space.

Retail expert Gary Mortimer told Bill McDonald the move will create huge waves for Queen Street Mall as a whole.

Press PLAY below to hear how it could change the heart of Brisbane

The centre’s co-owners, Vicinity and ISPT, said the decision will provide “certainty” to future plans for the building.

“Vicinity and ISPT were 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,” the owners said in a statement.

“We look forward to delivering a reimagined destination in the heart of Brisbane’s evolving CBD and anticipate sharing our plans shortly.”

Myer CEO John King said an alternative CBD location will be sought.

“Whilst we remain committed to the Brisbane market, we have been unable to negotiate a reasonable commercial outcome with the landlord and as such will continue to look for an alternative CBD location.”

Image: Getty