Melbourne’s iconic retailers, such as South Yarra’s Chapel Street and Richmond’s Bridge Road, are working on vacancy rates, leaving one-fifth of their stores empty.
One real estate expert reports that when a pandemic occurs, fewer “pasta dishes” stores may be available on Carlton’s Lygon Street.
Also, according to the latest Walk the Strip report from commercial realtor Fitzroys, there are shopping hubs in another 13 villages where 1 in 10 stores is not traded.
The report, which records vacancy rates for 2019, 2020, and last week, warns of vacancy rates on the once vibrant Acland Street in St Kilda.
Fitzroys director David Burke warned that while many strips would rebound, others would need to rethink their identities.
“Lygon Street may not have all the future of serving pasta on a plate like it did in the last three decades with red and white tablecloths,” Burke said.
“I hope it continues, but if you take a step back and think it’s a big impetus, there’s a university (in Melbourne), and it has an impact because so many students work online or abroad. I’m giving it. “
Despite the dark numbers on some strips, other strips are booming, including Bentley’s Center Road, where vacancy rates have fallen over the past three years.
Church Street in Brighton has the best performance in the city with a 0.7% vacancy rate recorded in the report.
The report captured 33 vacancy rates for the city’s most popular suburban retail stores.
The city as a whole recorded a 2.6% increase in vacancy rates. This was “not as serious as expected during Covid-19,” Burke said, and some storefronts continue to light up due to an increase in food vendors.
“There are providers looking to expand their noodle and pizza bars, wanting to take advantage of the rise of Deliveroo and Uber Eats,” he said.
“They are becoming a little Covid-proof.”
Melbourne’s CBD faced even greater challenges, but he added that increased telecommuting would help people reconnect to the local shopping strip and help many rebound in the near future.
Sign up for the Herald Sun Weekly Real Estate Update.click here Deliver the latest Victorian real estate market news directly to your inbox.
Place of originretail strips battle large vacancies