Luxury giants Gucci, Louis Vuitton and Tiffany & Co are among the big winners at Westfield Bondi Junction.
Morgan Stanley analysts took to the shopping centre on Sunday, finding 64% of retailers trading with further openings expected this week.
The finding was up from 45% one week ago, according to a report issued by the firm.
With the easing of COVID-19 restrictions, analysts counted a total of 304 retail tenancies during their visit with 192 trading.
Foot traffic was comparable to a typical weekend day, according to the report, and two to three times higher than last week on their estimates.
A number of stores had queues to enter, including Gucci, Louis Vuitton, Tiffany & Co, Cotton On Body and Lululemon.
Closures were dominated by mid-range fashion, while Myer and Event Cinemas were the only major tenants not trading.
However, it wasn’t all good news.
There were a number of vacant stores with no hoardings, indicating recent closures.
The vacancies come at a tough time for retailers battling rents, with Colette By Colette Hayman and G-Star Raw among those recently entering administration.
Morgan Stanley analyst forecasts assume an 80% rent cut for Apr-Jun, 50% for Jul-Sep, then a -20% rebase onwards.