Per this article from 'The Age' the physical record store location closed in early 2023, but the business is still going as an online retailer.

Musicians and customers are lamenting the impending closure of Melbourne record store Basement Discs and praising the venue’s support of local acts.

Co-owner Suzanne Bennett said she was heartbroken that she and her husband, Rod Jacobs, will close the bricks-and-mortar shop, which is downstairs in the Block Arcade, after 28 years in January because of a drop in revenue.