The Albury Myer store originally opened in 1982, but the twin announcement of an extended lease and upgrade puts an end to uncertainty over its long-term future dating back to 2015.

Commercial in confidence restraints prevent Myer from confirming the lease extension length and the amount to be spent on the refurbishment due to be completed in 2021.

A development application for the works is expected to be lodged with Albury Council next year.

In 2015 it was reported Myer still had 13 years to run on its lease and last year management of the Myer store and the Centrepoint shopping centre it is located in were taken over by Retpro.

The Centrepoint shopping centre is owned by Pacific Group.

The Albury store's 70-plus workforce were informed of the announcements yesterday.

"This is great news for our loyal Albury customers and team members, which will see the store refurbished, and new and exclusive brands added to the store," Myer Albury manager Chris Boneham said.

"We are very excited at the prospect of continuing to partner and collaborate with EPC Pacific to transform the in-store experience for our Albury customers.

"We thank EPC Pacific for the positive partnership we have had, over many years, which has led to this lease extension."

Centrepoint manager Samantha Lambert also welcomed the announcement.

"I am delighted that the loyalty our customers provide us is being recognised and rewarded with further investment and long-term commitment by Myer," she said.

"We will continually strive to listen to our customers and respond with an evolving and exciting retail experience."