Melbourne’s high street Ghost town COMMERCIAL PROPERTY BY ROBERT RUSHFORD – RUSHFORD MATHESON ADVISORY MELBOURNE AUSTRALIA
There are 44 empty stores on Melbourne’s once-premier shopping district Chapel Street amid tough retail conditions. Beller Commercial figures showed nearby Prahran high street vacancies almost tripled in two years from 9 empty shops in 2016 to 24 today. One retailer told The AFR in-store sales were down 60% on a year ago as shops shut and people stopped coming. Nationally retail conditions are tight as low wage growth hampers spending and brands Metalicus and Esprit have recently closed stores. Robert Rushford Rushford Matheson Advisory – May, 2018.
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