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A new report shows that the vacancy rate at Lygon St in Carlton has soared to 20%.
Melbourne’s iconic retail districts, including Chapel St, South Yarra and Bridge Rd, Richmond, are struggling to cope with such a high vacancy rate. One-fifth of the stores are empty.
A real estate expert even said that as the pandemic spreads, we may see fewer “spaghetti” shops on Lygon Street in Carlton
According to the latest pedestrian street report from commercial real estate agent Fitzroys, there are 13 other rural shopping centers, one in ten of which are not open.
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The report recorded the vacancy rate from 2019, 2020 to last week, sounding a wake-up call for the once vibrant Acland St in St Kilda. Since the outbreak of Covid-19, the vacancy rate here has more than doubled. Reach 14.6%.
Fitzroyce director David Burke warned that although many strippers have bounced back, others need to reconsider their identities.
Most areas of Bridge Rd in Richmond have seen empty storefronts-although some are believed to be designated for development.
Mr. Bourke said: “The future of Lygon St may not be presented in the form of red and white tablecloths and pasta like the past 30 years.”
“You want this situation to continue, but if you take a step back and think that the biggest driving force is the University of Melbourne. There are so many students working online or overseas, which has an impact.”
Although the numbers in some neighborhoods are depressing, others are booming, including Centre Rd in Bentleigh, where vacancy rates have fallen in the past three years.
Church St in Brighton is the city’s best performer, with a vacancy rate of 0.7% recorded in the report.
The vacancy rate of Centre Rd in Bentleigh has been declining throughout the pandemic.
The report captured the vacancy rate of the city’s 33 most sought-after suburban retail belts.
Citywide, the vacancy rate has increased by 2.6%, and Mr. Bourke said that this is not as severe as some people expected during Covid-19. The increase in food suppliers has helped keep some stores brightly lit.
“Some suppliers want to expand the scale of noodle shops and pizza shops, and they want to take advantage of the rise of Deliveroo and Uber Eats,” he said.
“They have become a bit resistant to the new coronavirus.”
Although still above 18%, the vacancy rate of Chapel St in South Yarra has fallen.
He added that although Melbourne’s central business district faces greater challenges, the rise of working from home has allowed people to reconnect with local shopping districts, which will help many of them rebound in the near future.
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