Experts say more retail and hospitality companies will not be able to survive the second blockade, as the vacancy rate at the Melbourne mall has reached its highest level in 20 years.
New research shows that more than a fifth of Melbourne's famous retail blocks, including Chapel Street and Bridge Road, are vacant.
"Unfortunately, I think the second embargo will have more consequences ," says Jenkins (Richard Jenkins), Plan1Project Management at the consultancy ," and they will shut down more retailers, especially the hospitality industry. "
The Richmond Bridge Road, has the highest vacancy rate of 22.1 percent, followed by 20.8 percent of Chapel Street, stores, according to the new report.
There are 14% of shops vacant or rented in Hawthorn Glenferrie Rd,, while
The Church Street vacancy rate of Brighton was the lowest ,4.6.
"I think it's a shopping street rebirth, and we' ll see more people working at home, so residents have a chance to rediscover their nearby shopping areas ," Jenkins said. Landlords must look more realistically at the tenants they want to attract, not just retail, but also nursery centers, gyms or co-working spaces. "
