The Miranda retail strip along Kiora Road has recorded its lowest vacancy rate in five years, with new businesses filling spaces left empty since the pandemic and foot traffic returning to levels not seen since 2019.

Property data shows just 4% of retail spaces in the precinct are currently vacant, down from a peak of 18% in early 2022. The turnaround reflects both improved economic conditions and deliberate efforts to attract new businesses to the area.

“Two years ago, there were ‘For Lease’ signs everywhere,” said Miranda Chamber of Commerce president Susan Walsh. “It was depressing. Now people are fighting over available spaces.”

New Businesses Driving Revival

Several new openings have contributed to the transformation:

Shire Specialty Coffee opened in September, occupying a corner space that had sat empty for 18 months. Owner James Chen relocated from Cronulla seeking lower rent and strong local foot traffic.

The Good Food Grocer launched an independent supermarket focusing on local and organic products, filling a gap left when a national chain departed.

Luna Yoga Studio converted a former retail space into a community wellness centre, drawing members from across the Sutherland Shire.

Vintage Revival, a secondhand furniture and homewares store, has become a destination for shoppers seeking alternatives to mass-produced items.

What’s Driving the Recovery

Several factors explain Miranda’s retail revival:

Work-from-home patterns have increased weekday foot traffic as residents no longer commute to CBD offices daily

Cost-of-living pressures have driven some consumers away from major shopping centres toward perceived-better-value local retailers

Community focus post-pandemic, with many residents preferring to support local businesses

Competitive rents compared to nearby Westfield Miranda, allowing specialty retailers to operate viably

Landlord Strategies

Some landlords have taken creative approaches to fill vacancies. Rather than hold out for premium rents, several offered reduced rates or flexible lease terms to attract quality tenants.

“I’d rather have a good business paying moderate rent than an empty shop paying nothing,” explained property investor Robert Harrison, who owns three retail spaces on Kiora Road. “Plus, occupied shops attract more foot traffic, which benefits everyone.”

Pop-up arrangements have also helped test new concepts. Several current permanent tenants started with short-term leases before committing to longer terms.

Challenges Remain

Despite improvements, the precinct faces ongoing challenges. Limited parking continues to frustrate both shoppers and business owners. Some longtime retailers have struggled to adapt to changing consumer habits.

“Not everyone has survived,” acknowledged Walsh. “Some businesses that worked 10 years ago don’t work anymore. The successful shops are the ones that found something unique to offer.”

Competition from online retail also continues, though local businesses are increasingly embracing e-commerce as a complement rather than competitor to physical stores.

Looking Ahead

The chamber is working with Sutherland Shire Council on streetscape improvements planned for later this year, including new seating, greenery, and improved pedestrian crossings. These upgrades aim to make the precinct more attractive and encourage longer visits.

“Miranda has always been a great local shopping destination,” said Walsh. “We’re just reminding people why they love it.”