His ESTA Holding, which acquired the store last year, closed it last month for renovations that are set for completion by the end of 2014.
The plans by British architectural agency Benoy are ambitious. The interior will be overhauled, doubling the floor space to 45,000 square meters of glass, complemented by stone and wood.
The modern, spacious design, the owners say, will be filled with Western clothing stores, a supermarket and restaurants with a view over the city. In the interests of historical preservation, the only feature left will be the Stalinist facade of the original building, completed in 1939.