Myer has struck a landmark deal with its biggest landlord Scentre Group to downsize one of the stores it had earmarked for closure. The retailer announced it would reduce its Belconnen store at the Westfield centre in Canberra from three floors to two rather than close the complete store as previously announced. It becomes the first major deal in what the Australian department store group hopes will continue to lead to a reduction in its wider rental costs. It marks a key win for chief executive John King as he works to create a smaller, more profitable retailer. Refurbishment works will be undertaken across a reduced floorspace, creating a two-floor, 12,000sq-m store with an improved retail experience and an increased number of new and exclusive brands. Myer has previously struck deals to hand back floors at two other stores, in Queensland and New South Wales.