A post-COVID-19 preference for shopping, eating and dining closer to home has driven a strong revival in Melbourne’s suburban retail strips, including on its most famous boulevard, Chapel Street.
Across 36 of Melbourne’s key shopping strips, the average vacancy rate has fallen to 6.7 per cent, down from 10.3 per cent in 2021 and below the long-term pre-COVID-19 average of 7.6 per cent, according to Fitzroys., has been the growth of food and beverage tenancies, which now account for a third of all shops on Melbourne’s retail strips, up from 29 per cent pre-COVID-19.
Chrissie Maus, general manager of the Chapel Street Precinct, said its resurgence was due to transformation into a lifestyle precinct used by the local community.“Not only do we have fabulous retail and dining experiences, we have so many new gymnasiums, health centres, beauticians, hairdressers and other important services that people need,” she said.
“We are seeing the revitalisation of the South Yarra end of Chapel Street with a number of new buildings, including Goldfields House,” said Russell Gray, CEO of Good Group
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