Five traders have decided to move from other premises, including prime positions off Liebig Street and in Gateway Plaza, to the new two-level arcade built around a more compact Target store complete with the city's first travelator.

Developer and property owner Lascorp aims to have most of the new shop spaces off Koroit Street ,and on the lower level car park floor, filled by the December 4 official opening.

"We've been pleasantly surprised by the demand for shop space," Lascorp general manager Malcolm Bamford told The Standard.

"There's quite a lot of unmet demand for quality retail space in Warrnambool. We only have two shops left without tenants," he said.

"We are aware of a number of quite significant tenants who would have come into Warrnambool if the opportunities had been right."

The Standard has confirmed that Prouds Jewellers has closed its Gateway Plaza shop and will re-open soon at the Target complex.

It will then open a clearance store at Gateway Plaza until February. Baker's Delight and Lindsay's Pharmacy will move from Liebig Street to the Target complex, joining Trewartha's Leathergoods.

The Lindsay's Pharmacy name will change to Direct Chemist Outlet. Its Liebig Street spot will be filled by Don McLeod's Pharmacy which is moving from Glasshouse Plaza in Koroit Street. A memorabilia shop has also moved from Fairy Street.

Other new tenants will include a Telstra T1 shop and a Gloria Jean's Coffee shop.

The chain's coffee shop at Gateway Plaza will continue.