Retail Vacancies Reach 5 Year High

Bridge Rd., Richmond’s vacancy rate has grown from 2.9% to 11.5% over the past two years. Previously regarded as a retail mecca, the number of vacant shops and “closing down” sales is at the highest level in 5 years.

A recent survey has shown that Church St Brighton, High St Armadale and Acland St St Kilda had the lowest vacancy rates. Other results were – Burke Rd Camberwell (2.8% to 7.2%), Clarendon St South Melbourne (0.6% to 6.1%) and Puckle St Moonee Ponds (0.5% to 4.2%).