The former Boswell's department store has now been demolished inside and only the shell of the historic building remains, according to a contractor.
Shoppers were shocked when Boswells in Cornmarket shut for good in 2020 and then Debenhams also closed.
In June Reef completed the purchase of the Boswells building as part of a joint venture with La Salle Investment Management and Oxford City Council.
Reef is now converting the former department store into a 101-bedroom boutique hotel and work is well under way.
Read again: Work starts to transform Boswells
Eleanor Alexander, a design director leading the project for Reef, said last year she hoped the hotel would be ready to open in the spring or summer of 2023.
A member of staff working on site for contractor Gilbert-Ash said: "Boswells as we knew it has completely gone - it has been demolished inside and all the different departments have gone - there's just a huge hole where they used to be.
"Part of the ground area is going to be a bar and there will also be a roof terrace.
"There's still a lot of work to do to complete all the bedrooms - it's going to be a four-star hotel."
He estimated that The Store would be ready to open by the summer or autumn of 2023.
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Work by Gilbert-Ash includes the retention of the historic facades, part demolition, and the addition of a fifth floor which will include a rooftop bar and external space overlooking the rooftops.
City council leader Susan Brown said last year: “The sensitive refurbishment of the former Boswells department store to create a quality hotel is key to the ongoing rejuvenation of our city centre.
“Adapting the spaces for multiple uses will help ensure that this iconic building thrives for decades to come, and we look forward to the next stage of this project.”
Reef’s website said: “Reef will operate this new boutique hotel following practical completion.
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“The design will reference the site’s historic past and will also include a spa and co-workspace which will be open to the general public."
The company had a trading history dating back to 1738 and was the second oldest family-owned department store in the world.
Directors announced in 2019 that Boswells would have to close because it was no longer making a profit.
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