Financial Review Rich Lister Larry Kestelman says bricks-and-mortar retailing "is not dead" after leasing up almost all 6000sq m of retail space at the foot of Capitol Grand, his glitzy $700 million high-rise development nearing completion on the corner of Chapel Street and Toorak Road in Melbourne's South Yarra.

While retail trade slumped to its worst year on record in 2019, according to official data released on Thursday, Mr Kestelman has secured a bevy of upmarket tenants for Capitol Grand including Dior Cosmetics & Accessories, London fitness chain 1Rebel, and renowned gallery operator and artist David Bromley.