Bridge Road facing storm
Like Toorak Road, South Yarra, Bridge Road faces a double whammy. Shoppers are moving online while beefed-up bulky goods, direct factory outlets, refurbished suburban malls and heavyweight CBD retailers take a toll. Rapid urbanisation has also introduced disruptive projects.
Apartments are springing up along both strips but Bridge Road faces further difficulties with the continuing redevelopment of Epworth Hospital and Coles Plaza.
City of Yarra mayor Jackie Fristacky also blames high rents for the street's woes. "Property owners need to recognise the impact high rentals have on vacancy rates, particularly given changes to consumer spending."
Others suggest the street needs wider footpaths, a coherent parking strategy and a ban on "for lease" signs that send a negative message. Pop-up shops in empty spaces may help solve Bridge Road's woes, one trader said.
Smaller, cheaper shops create opportunities businesses, clothing retailer Herschel Landes said, but businesses and landlords needed to recognise things change. "They've got to come up with exciting new options that will attract customers."
Frequently Asked Questions about this Article…
Bridge Road is experiencing a retail downturn, with more than one in 10 shops empty. Agents CBRE estimate the vacancy rate peaked at 11.61% in January, signalling elevated retail vacancy on this kilometre-long strip.
Several factors are driving vacancies: shoppers moving online, competition from bulky-goods and direct factory outlets, refurbished suburban malls and big CBD retailers, rapid urbanisation and disruptive projects, plus local redevelopment such as works at Epworth Hospital and Coles Plaza.
Yes. City of Yarra mayor Jackie Fristacky says high rents are part of the problem, urging property owners to recognise how elevated rentals affect vacancy rates amid changing consumer spending patterns.
Online shopping is one of the key pressures mentioned: as consumers shift purchases online, traditional strip retail like Bridge Road faces reduced foot traffic and sales, contributing to higher vacancy rates.
Ongoing redevelopment of the nearby Epworth Hospital and the Coles Plaza is cited in the article as adding further difficulty for Bridge Road traders, likely affecting access, foot traffic and trading conditions during construction.
Yes. Traders and one retailer, Herschel Landes, suggest pop-up shops in empty spaces and smaller, cheaper shop options could help attract customers and create opportunities, provided landlords and businesses adapt to changing needs.
Suggestions include widening footpaths to improve the pedestrian experience, developing a coherent parking strategy, and even removing visible 'for lease' signs that can send a negative message to shoppers and potential tenants.
Investors and landlords should be aware of current headwinds—high vacancy, changing consumer habits, nearby redevelopment—and consider flexible leasing strategies, competitive rents, and active place-making (pop-ups, improved streetscape and parking) to attract tenants and customers.
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