South Yarra Arcade, Toorak Rd South Yarra.

A quiet and somewhat neglected backwater halfway up the hill:

There are a couple of hairdressers, a jewellery store, a milliner's, a cafe that is decked out a bit like the waiting room of a Zanzibar brothel and of course a pilates studio (upstairs). Blonde women stroll through on clacking heels.
Pretty much the entire South Yarra experience in a nutshell. Highly recommended.