Two of Sydney’s most iconic shopping strips, Oxford Street in the eastern suburbs and King Street in the inner west, are dotted with shuttered shopfronts and for lease signs as retailers struggle to stay afloat amid low consumer confidence and high operating costs.

More than one in 10 stores on Oxford Street between Darlinghurst and Paddington, the original home of Sydney’s LGBTQ community, are empty and experts warn more of the strip’s eclectic mix of retailers may collapse.