News

Businesses Show Faith In Shopping Strips

Posted on 24th August 2023

Moroccan Interiors has selected Toorak Road, South Yarra for its first bricks-and-mortar site, showing the faith businesses have in Melbourne’s shopping strips as a viable and sustainable place to trade.

Fitzroys’ Lewis Waddell and Travis Keenan leased 76 Toorak Road to Moroccan Interiors on a 3+3-year lease at an undisclosed rent on behalf of a local investor.

“Online retail trade in Australia remains elevated amid structural changes that were accelerated by COVID, but there is still clearly the intention from retailers to have a bricks-and-mortar presence,” Waddell said.

“Bricks-and-mortar stores offer experiential elements that the online world cannot provide. They offer the chance to see and touch products and provide a brand experience.

“Melbourne’s high-performing shopping strips offer the ideal location for a bricks-and-mortar store. Melburnians have spent more time than ever in their local communities over the past few years. Lockdowns, and then the embrace of flexible work arrangements, have seen more Melburnians spending their money close to home.”

Toorak Road’s vacancy tightened by 3.1% to 7.0% in 2022, according to Fitzroys’ latest Walk the Strip report.

Keenan said Moroccan Interiors had selected the site due its location on Toorak Road, near the plethora of development on the north side of Toorak Road in the Forrest Hill precinct.

He said Toorak Road has been transformed by the neighbouring high-density Forrest Hill residential precinct, with hospitality venues now headlining a tenancy mix that includes all of office, service retail, entertainment, education and residential tenants.

“Toorak Road will benefit from the ongoing commercial and residential development in South Yarra, with office projects boosting day-to-day trade in addition to all-hours activity underpinned by the Forrest Hill residents and established local catchment,” he said.

Immediately on the strip, South Yarra Square and a neighbouring row of Tudor-style shops are to be redeveloped by Oreana Property Group, and the 81-room Hotel Claremont is set for a mixed-use redevelopment by V-Leader.