City retailers are popping the champagne corks as workers return to the office, international tourists and students fly in and shoppers come back for a weekend visit.
The former ghost towns are now seeing vacancy rates drop to near pre-pandemic levels. Melbourne is leading that charge with the lowest level in the country of 6.9 per cent, down from 7.4 per cent in the December 2023 half. Sydney’s level is at about 7.4 per cent, compared with 8.1 per cent over that same period.
There has been a plethora of leases signed across all capital cities, from the traditional sectors of footwear and apparel to food, pubs and luxury brands. The Lego store in Sydney’s Pitt Street Mall and Fortress in the Melbourne Emporium have also been drawcards for city shoppers. ‘With the new metro opening, we expect the improved connectivity and accessibility will drive increased pedestrian traffic to new areas of the CBD.’Melbourne’s Collins Street has also solidified its reputation as a prestigious shopping destination, housing all major luxury brands in one strip.
“With the new metro opening, we expect the improved connectivity and accessibility will drive increased pedestrian traffic to new areas of the CBD, which will result in a further decline in vacancy across prime and secondary retail space,” Olson said.
United Kingdom Latest News, United Kingdom Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Paris exhibition celebrates global spread of surrealismPompidou Centre show will move on to Madrid, Hamburg and Philadelphia, changing from city to city
Read more »
Airfare surge: These routes could face steeper prices after Rex's capital city exitDomestic airfares were trending down — but they could soon take off after the collapse of Rex, the consumer watchdog has warned.
Read more »
Northern mayors flag eScooter republic, in swerve to avoid Melbourne City’s banAn alliance of three inner northern councils are exploring a shared e-scooter hire scheme as the pressure mounts on City of Melbourne to overturn its ban.
Read more »
Northern mayors flag eScooter republic, in swerve to avoid Melbourne City’s banAn alliance of three inner northern councils are exploring a shared e-scooter hire scheme as the pressure mounts on City of Melbourne to overturn its ban.
Read more »
Northern mayors flag eScooter republic, in swerve to avoid Melbourne City’s banAn alliance of three inner northern councils are exploring a shared e-scooter hire scheme as the pressure mounts on City of Melbourne to overturn its ban.
Read more »
Major city won't let you park your EV underground7NEWS brings you the latest local news from Australia and around the world. Stay up to date with all of the breaking sport, politics, entertainment, finance, weather and business headlines. Today's news, live updates & all the latest breaking stories from 7NEWS.
Read more »