A post-COVID-19 preference for shopping, eating and dining closer to home has driven a strong revival in Melbourne’s suburban retail strips, including on its most famous boulevard, Chapel Street.

Vacancies at the popular South Yarra end of the 4 km inner suburban strip – best known for its fashion boutiques, arty cafes and chic restaurants –have almost halved to 10.7 per cent this year from more than 20 per cent in 2020, according to the latest Walk the Strip report from commercial agents Fitzroys.