Beaufort Street Network members David Doy of Highgate and Sian Morgan of Mt Lawley say businesses are under pressure from rising rents and traffic issues.
Ms Morgan said those problems had forced some businesses out of the area, leaving vacant spaces on the strip.
‘I do not think the strip is declining, it has just hit a plateau,’ she said.
‘But it is still a really awesome place and we want to build on the capital we have.’
Mr Doy said a Network sub-group had formed to run engagement sessions with local residents and businesses to find out what could be done to reactivate the strip.
He said laneways and vacant spaces at the rear and second storeys of businesses could be a part of that rejuvenation process.
‘What we find on the street is lots of quite underproductive areas,’ he said.
‘As prices rise you have to look at opportunities to be more productive, so using second storeys, laneways, courtyards, coming out onto the street more and sub-leasing needs to be considered.’
The group is hosting its first community engagement session at the laneway next to Jackson’s on April 11.
Mr Doy said the laneway session would be a demonstration of what could be done to other spaces along the strip.
Ms Morgan said it would also give people a chance to have their say on the future of the strip.
‘It’s about the community speaking for themselves.’