Tasmania Police and Fire Services alerted shop owners to a triggered alarm in the early hours of Monday morning, informing them that water damage may have occurred.

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Accounts differ on the exact source of the water but it appears some kind of faucet was pouring water from the separate property above the mall's Angus & Coote outlet.

The excess water had begun spilling through to various shops below the first-storey property, but was turned off by TFS upon arrival.

When Angus & Coote property key-holder Deb Hankinson turned up to the shop on Monday morning, she found a sodden floor and noticeable water damage.

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"When I got here in the morning, there was a buzzing in the ceiling. I was told not to turn the lights on because of the electricity," she said.

The store's ceiling, which appears to have been entirely wet-through during the incident, had only been rewired and re-fitted in 2016.

Due to the damage, the store did not open at all on Monday and neither did the mall's Optus branch next door.

Ms Hankinson said she was unsure when the store would re-open but noted that the shop's owner was liaising with an electrician and the brand's regional and national team to coordinate repairs.

Much like the Angus & Coote store, the mall's Optus branch placed a sign up saying they were unable to open due to water damage. When the Optus branch expects to reopen remains unclear.

Other shops on the street appear unaffected by the incident but around the corner Red Herring Surf Co's Jonathan Hall said the team had discovered water at the back of the shop.

"Most of the water damage was right at the back of the store in the staff room. Luckily, we only had two items of clothing get wet," he said.

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Across the road from the incident, Coffee Republic owner Robin Smith noted that the closures marked a significant blow to those operating in the Brisbane Street Mall, particularly after an already uncharacteristically quiet period for the mall's cafes and retailers.

"We rely on 'destination shops' like those to draw people into the mall," he added.

Police are encouraging anyone with information that would assist the investigation to contact them on 131 444 or via Crime Stoppers anonymously.

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