The store has reduced its floor space from three levels to two, freeing up space for other retailers to set up shop.

Myer Belconnen manager Lee Dougan said he couldn't wait to officially open the store.

"The Belconnen store is looking incredible, with every part of the two floors refurbished and providing the best possible shopping environment and experience to our customers," he said.

"The team are so excited to have the store fully operational after almost a year of works."

Stewart White, the director of development for Westfield Belconnen owners Scentre Group, said Myer was a valuable and long-standing retail partner.

"The reopening of the newly refurbished Myer store represents our commitment to working with our retail partners to deliver the very best retail experiences for our customers," he said.

It's been a rough road for the department store, which has been a fixture in Belconnen since it opened in 1978.

In 2017, Myer announced plans to close the Belconnen store after the lease was due to run out in mid-2019, as well as its Colonnades store in Adelaide and its Hornsby store in Sydney, due to sustained losses.

The announcement followed Myer abandoning plans to build a store in Woden, and the closure of their Tuggeranong store at South Point (formerly known as the Hyperdome) in 2012.

It was only after negotiations with Scentre Group that Myer reversed their decision in May 2019, announcing it would refurbish and downsize the store.

Belconnen Myer was the only condemned store spared from the chopping block.

"Fortunately somebody at Myer has seen the light of day," Belconnen Community Council chair Glen Hyde said in 2019.

Speaking on Friday as Myer geared up to reopen, Mr Hyde said Myer had been "a part of the Belconnen story for over 40 years", and he looked forward to the company's relationship with the community continuing.

"The fact we didn't lose Myer, that they decided to stay [and] continued to employ locals, needs to be applauded and encouraged," he said.

"I know there are many Belconnen families who will be applauding Myer's decision, and we will do whatever we need to do to support them and to keep large businesses in Belconnen."

Australian Retailers Association chief executive Paul Zahra said COVID-19 had accelerated the "transformation path" of retail.

"Expect to see more stores re-evaluating their physical footprint and reassessing everything from location to floorspace to the product lines and services," he said.

"The 'what doesn't kill you makes you stronger' philosophy is also true in retail and out of this year we will see the rebirth of the retail store - with greater choice and agility.

"When this is closely tied to changing customer expectations, it's a winning outcome for all."