Industry experts agree it's likely several retailers will move in to replace the David Jones department store on Wellington's Lambton Quay.
Leasing agents have recently received interest in CBD leases from several prospective international tenants, including those travelling over from Australia as borders reopen.
First Retail managing director Chris Wilkinson said he was aware of reports some of these retailers were eyeing the ground floor of David Jones.
Both Wilkinson and JLL sales and leasing director Jim Wana said there was hardly any demand from tenants of a similar scale to David Jones to lease the site.
Wana said it was likely several tenants would end up in the building, with the ground floor alone being able to house up to seven, "which effectively means potentially seven new retailers, so that gives you seven different reasons to come to the CBD."
Wellington's business community has voiced concerns about the hole David Jones will leave on Lambton Quay when it closes on June 12.
The Australian retail giant first expanded into New Zealand in July 2016 with the opening of its Wellington store in the iconic building that once housed Kirkcaldie & Stains.
It had originally planned to enter the market in Auckland, but due to real estate availability launched in the capital instead.
Wellington Chamber of Commerce chief executive Simon Arcus said he was aware a mixture of smaller retailers and office space might be an option for the iconic building.
"A number of options have come up. Obviously we're hoping to have a really good and high-end retail presence, as has been there for a long time. So, the idea that we might get some good stores in there is most welcome."
Retail New Zealand chief executive Greg Harford said having multiple Australian retailers in the building would bring new brands and services to Wellington.
"That's really good, I think, for the retail environment more generally.
"I think one of the questions we've got to ask ourselves though is what is it about Wellington that means we can't sustain a big department store in this day and age? When we want to position ourselves as a vibrant, cosmopolitan city."
Experts believe part of David Jones' downfall was not having an e-commerce presence in the market more than four years after it launched in New Zealand.
David Jones has previously said the retailer remained committed to New Zealand through its Auckland store and its David Jones online store coming in the second half of 2022.