The success of Emporium Melbourne, more tourists and strong immigration have revived retailers in the city’s core shopping precinct where vacancy rates have halved from their post-global financial crisis high, a new survey shows.
Landlords have been buoyed by an influx of quality and international retail outlets – coupled with higher consumer demand – which has meant a shift in vacancy rates from 6 percent in early 2011 to 2.6 percent last month, a Savills Australia survey shows.
The survey focused on Melbourne’s main retail core bounded by Collins, Swanston, Elizabeth and Lonsdale streets, a geographic rectangle where just 29 shops were empty, down from a post-GFC high of 64 in 2011.