Melbourne Walk, formerly known as The Walk, located in the heart of Bourke Street Mall, is set to strengthen its offerings in the CBD’s core retail precinct.

With construction underway, Steadfast Capital will transform Melbourne Walk into a mixed-use retail and dual-branded hotel destination, combining the creation of a new triple-volume skylight arcade within a collection of new and heritage façades.

Colliers’ Adam Lester, Stacey Gaff, Michael Tuck and Michael Bate are managing the leasing campaign that will secure a multitude of tenants for the approximately 6,250sqm of premium retail space.

“Melbourne Walk represents the next generation of Bourke Street Mall and will refresh the main retail core of the CBD and further enhance the city’s retail-laneway network with the heavy shopper, office and student foot traffic daily,” Lester said.

“Over the next five years, the precinct will experience a dramatic revitalisation with major international retailers longing for a presence in prime Melbourne CBD will enter the Melbourne market via Bourke Street Mall.

“Melbourne Walk presents a strong opportunity to local and international flagship brands seeking to enter the market in one of Australia’s premier retailing high streets and join retail icons such as Myer, David Jones, Zara and H&M, as Bourke Street Mall undergoes a major retail regentrification.”

Steadfast Capital executive director, Teck-Lay Tay added, “Melbourne Walk’s rejuvenation will enhance the strength of the CBD’s retail core, in particular, our comprehensive offering of retail and hospitality options will draw further patronage into the Bourke Street Mall precinct.”

Colliers’ Retail Snapshots for Q4 2022 revealed that consumers are preferring to engage with physical retail experiences in favour of shopping online.

“The retail scene in our CBDs have bounced back, and with a continued concerted effort from both governments and businesses to reactivate our nation’s CBDs, we expect the full recovery to occur in 2023,” Colliers’ associate director of research, Nik Potter said.

“Further supporting the recovery is the return of international tourism, which is currently close to 70% of pre-pandemic levels. International tourism has seen double-digit monthly growth throughout 2022 and will continue to support spending in our CBDs.”