Greater Shepparton City Council Director Sustainable Development Geraldine Christou said “there are currently 47 shops vacant within the defined CBD area, which is down six shops from the last audit conducted at the end of August 2017, where 53 vacancies were recorded.”
“The street with the greatest change in vacancy rates was Wyndham Street with a number of sites being leased for office space.”
Ms Christou said the decrease in CBD vacancy rates is part of a long term trend. “In 2016 the vacancy rate was 12.5 per cent, now it is 7.2 per cent.”
“The lowering of the vacancy rates indicates confidence in Shepparton’s CBD as a place to invest,” said Ms Christou. “We are seeing a gradual change in the variety of shops on offer with a greater mix of food providers which attracts more people to the CBD.”
“This is consistent with trends being observed in regional and urban areas as the food, restaurant and cafe sector continues to experience a high level of growth within the retail industry,” said Ms Christou.
Ms Christou said the Economic Development department at Greater Shepparton City Council will continue to work closely with prospective investors in the CBD area to attract new business.
“Having a good mix of retail and commercial operators in the CBD will enhance the experience for people coming to the precinct. Long term, Council would also like to see growth of accommodation in the CBD to encourage more activity and life into the area. More people living in a central area -results in more demand for services and products which leads to more business.”
