Melbourne’s CBD has the lowest retail vacancy rate of any Australian capital city as shoppers are enticed back to the CBD for fashion, food and coffee.
The city vacancy rate is tipped to fall further when the Metro Tunnel opens next year.City theatres, clothing stores, confectionery stores and bookshops enjoyed strong revenue and sales growth in winter.Shops, cafes and restaurants in Melbourne’s CBD had a busy winter, with new figures showing rising sales in June, July and August, and the lowest retail vacancy rate of any Australian capital city.
Meanwhile, transaction volumes at CBD restaurants and retailers grew by 5.6 per cent year-on-year over winter, according to Square, which provides payment terminals and software to small businesses. In August alone, transaction volumes at restaurants and retailers grew by 24 per cent year-on-year. “The glass-half-full thinking is that Melbourne is growing, inside and outside the CBD, and more communities outside the CBD are enjoying the wealth because of that.”Theatres, clothing stores, chocolate and confectionery stores, and bookshops also reported strong revenue and sales growth in winter, National Australia Bank reported. Sales almost doubled at theatres in the CBD, while clothing store sales jumped 39 per cent, the bank’s merchant terminals showed.
And the company’s five CBD stores have traded well during winter, with men snapping up jumpers, jackets and coats. And twilight trade was growing, with weekday activity on Swanston Street near Melbourne Central higher between 5pm and 10pm than before midday.Rival real estate business JLL said only 4.7 per cent of CBD shopfronts were vacant in June, a rapid turnaround from a 16.7 per cent vacancy rate during the pandemic years.
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