Retail in Asia

In Shops

Tourists, Emporium revive Melbourne CBD retail

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.