The thieves stormed into Strandbags about 10.30am on Sunday, stealing 13 bags with brand names like Gucci before quickly making their escape.
An eyewitness told The Star he saw two people running towards the mall's Main North Rd exit with their "arms laden with handbags".
He said other shoppers were "shocked" by the brazen theft.
Two security guards were following the thieves but it appears they escaped.
The store manager said the theft was "frightening" but was glad the staff member in the shop at the time was not harmed.
"I think they were in and out so quickly, the poor girl didn’t have a chance to catch her breath."
The manager said it was the biggest shoplifting incident at the store since she started in the role 18 months ago.
Police were notified of the theft on Sunday and said on Tuesday they were awaiting further details before starting inquiries.
