CBD stores rely on foot traffic from workers and tourists. After two long years, how different will city centres look in the future?
Hammered by lockdowns and office towers emptied of workers, shops in Australia's central business districts are getting back to it.Closed state and national borders have hindered tourist trafficFor fashion retailer ELK in central Melbourne, the return of daily commuters to the CBD is a return to a new kind of normal."We love seeing those office workers come in every day.
Across the nation, city centres have felt the impact of the pandemic. Even capitals in states that largely avoided the worst of lockdowns and restrictions in 2020 and 2021 are seeing office occupancy well below pre-COVID levels. Stores such as supermarkets and pharmacies have essentially never shut during the pandemic. But widespread lockdowns forcing the closure of "non-essential" services meant that CBD retail was one of the hardest-hit sectors.However, landlords are again betting on a bright future, according to Benjamin Martin-Henry, head of real estate research at Real Capital Analytics Australia.
"You know, businesses are failing," the Premier Investments chair says, standing in a Smiggle store in the Melbourne Central shopping centre.
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