The refurbishment of David Jones's Elizabeth Street store in Sydney is on track, with plans to turn the flagship of the Australian chain into one of the world's most glamorous department stores.

Woolworths paid A$2.1bn for the 181-year-old David Jones chain in 2014, but had to slash the value of its investment by A$712m (about R7bn) early last year. Woolworths CEO Ian Moir later admitted it paid too much for the business.

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