Four armed men have raided a jewellery store at a shopping centre in Melbourne’s south-east.

Police said the offenders entered the store inside Waverley Gardens Shopping Centre in Mulgrave just before midday.

Video obtained by 9NEWS shows the men attempting to smash the window of the JK Collections jewellery store as security alarms ring out and witnesses scream.

The thieves used hammers and an axe to smash the window of the store. (9NEWS)

Police at the scene outside the centre on Jacksons and Police Roads. (9NEWS)

Waverley Gardens Shopping Centre in Mulgrave was locked down. (9NEWS)

They used hammers and an axe to smash glass inside the store, before fleeing in a vehicle.

“I saw (the offenders) with axes trying to get into (the store)…They couldn’t so they used a railing instead,” witness Shardia Goldie told 9NEWS.

“When people approached, they threatened them with an axe…that’s when we all ran into the other store,” Ms Goldie said.

No one was injured incident, however the female store owner has reportedly been left shaken by the ordeal.

The centre is now open after earlier being locked down, a Waverley Gardens Shopping Centre spokeswoman told 9news.com.au.

Investigations are ongoing.