Outgoing lord mayor Sally Capp says the Melbourne CBD is currently undergoing a “retail revolution” as retail vacancy rates continue to fall to the lowest in the country.

Rates in Melbourne have dived from 13 to just 6.5 per cent as consumer and business confidence stabilities post the pandemic.

“It’s a retail revolution in the city,” Sally Capp told Ross and Russ on 3AW Breakfast.

Click PLAY to hear Sally Capp’s full interview on 3AW

“It’s a great news for all of the small businesses.”