I certainly remember it like that - and it WASN'T a department store - it was the office building for the Bolton Co-operative Society (BCS).
I remember taking my parents 'dividend stamps', that were stuck on to a long thin 'gum-sheet' to the co-op bank they had just around the corner on Bow Street, opposite the Star and Garter.
Part of the building was a hall iirc, I certainly remember going there once for some party.
Fwiw my first Saturday job was in the co-op supermarket in the picture - a long time ago now though!
Was also part of my route going past the building and up bridge street, when I walked it from Halliwell to Burnden and back on match days.