Two men have been arrested following an alleged armed robbery at Myer department store in Melbourne's CBD on Saturday afternoon.

It is alleged the bandits armed with shot guns held up a cosmetics counter, before taking off with cash.

The brazen hold-up happened at 4pm when the store was at its busiest.

A 27-year-old man and a 37-year-old man were arrested in Melbourne around 10.25am this morning.

Myer says counselling has been offered to all involved.

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