Newly released data from the City of Launceston shows the number of vacant shop fronts in the central business district has dropped significantly since June last year.
Out of a possible 600 ground floor shop fronts in the CBD, the data revealed only 57 stores remain empty as opposed to the 154 empty locations in June last year.
The rise in tenancy rates means 93 per cent of all available ground floor commercial space is currently being utilised.
Cityprom executive officer Amanda McEvoy said a range of new local and international businesses had opened in Launceston's CBD in the past 12 months which contributed to the recovery.
She said in the last quarter 16 new stores had opened which included four Tasmanian businesses that were expanding into the north by opening branches in the Launceston CBD
Three national chains and seven independent local retail, service and hospitality businesses had also opened between June and August 2021 according to Ms McEvoy.
She said the rate of new businesses opening has been fairly consistent since January 2021 and with plenty of people opening up new shops encouraged people to get out and support local businesses.
"We encourage anyone who has not been into the city for a while to come and spend some time exploring the outstanding retail, service and hospitality offerings we have throughout the city centre," she said.
"It's so important we keep shopping local and support our community so we see this wide range of boutique and well-known retailers continue to grow and add to Launceston's economic growth and job creation."
Launceston mayor Albert van Zetten said the Launceston City Deal aimed at improving the liveability of Launceston had been a strong contributor to investor confidence.
"Within one kilometre of the CBD, there have been 100 development applications since January 2020 at an estimated value of $53 million," he said.
"Two of the key Launceston City Deal commitments - the University of Tasmania Inveresk Relocation and a renewed focus on CBD in-fill development - are also having a positive impact.
"It's fantastic news for Launceston that a range of indicators are showing positive trends as we seek to make Launceston one of the most liveable regional cities in Australia."
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