Westfield Newmarket, in the area where shoppers spend nearly $9 billion annually, closes this week ready for a $655 million redevelopment.
Scentre Group said its last day of trading would be this Thursday, the mall would be shut from Friday and it promoted sales in stores.
"The centre's last day of trading will be Thursday 8th February. So, check out the sale offers before the stores' last day," Scentre said.
Retailers in Newmarket outside the mall fear 277's loss, with its 1,244 car parks, Countdown supermarket and 112 specialist stores.
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Scentre acknowledged its presence in the suburb, saying it got 5m annual customers visits to the 31,592sq m Westfield Newmarket which made $148.3m total annual retail sales.
"The centre is the largest retail complex in Newmarket and caters to a trade area population of almost 534,000 residents," Scentre says.
Its owns 309 Broadway - across Mortimer Pass from the mall - as well as the mall at 277 Broadway. That takes up an entire city block.
"Spread across two sites, a major redevelopment of the buildings and land holding at 309 property is scheduled to commence in 2017 while planning is currently under consideration for the 277 property, which will transform the centre into a premium retail destination," Scentre says.
"The total retail spend by the Westfield Newmarket total trade area was estimated at $8.9 billion in 2016 while the total retail spend in the main trade area was estimated at $5.6 billion," Scentre says.