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David Jones has unveiled the $200 million redevelopment of its flagship Sydney store to be delivered by Crone as executive architect.

With plans to create a luxury retail experience similar to London’s Selfridges or Paris’ Galaries Lafayete, the proposed refurbishment is moving ahead with David Jones announcing that it will undertake the major redevelopment.

The upmarket retailer will expand the store to 12-storeys, converting four non-retail floors into retail space. David Jones also announced exclusive new partnerships with Louis Vuitton, Chanel and Gucci for concessions in the store.

Architecture firm Benoy was appointed to design the internal and external alterations for the Elizabeth Street store.

David Jones chief executive David Thomas said that store will be a “shining beacon” in a struggling retail market.

“Bringing the right brands in at the top end actually solidifies everything right through the business,” Thomas said.

The refurbishment will convert the seventh and eighth floors into a champagne and dining bar overlooking a luxury shoe department.

Thomas said that David Jones will back luxury footwear retailing as it is under-represented and “difficult to buy online”.

Located at 84-110 Castlereagh Street in Sydney, the heritage-listed building has been the flagship store for David Jones in Australia for the past 90 years.

David Jones filed a development application with the City of Sydney in October – flagging plans for the Elizabeth Street store refurbishment in 2015.

The upmarket retailer sold its Market Street store in Sydney to Cbus Property and Scentre Group for $360 million in 2016, with the proceeds being used for the Elizabeth Street refurbishment.