Oxford Street landlords are today accepting 30 per cent of the rent they commanded in 2008. And 89 shops along the 4.3km stretch from the city of Sydney to Bondi Junction are vacant, for lease or closing.
The iconic strip, cry locals, is in desperate need of help, but with no united voice nor leadership strategy it is in danger of slipping further into malaise.
In recent years, a mass retail and restaurant exodus from Oxford Street left its shopfronts sad and empty, for lease signs, darkened windows and dog-eared posters characterising parts of the road. While numbers change almost daily, the empty shops number 29 in the City of Sydney, 41 in Woollahra and 19 in Waverley. Paddington, bearing the brunt of the storm, clocks up 46, a vacancy rate of just over 18 per cent. In the area immediately surrounding Jersey Road, it is as much as 65 per cent.