I have fond memories of the original Dan Murphy store, so I was a bit troubled to see that it is now (of all things) a JB Hi-Fi! The wine store has moved over the road to much more modern premises. Such is presumably the price of progress!
Wikipedia tells me that this was built in 1889 as "Prahran Arcade", and is sometimes known as "Birdland". This derives from the eagles that adorn the facade - and also from the pigeons that lived in the recesses until netting was installed.
And the W class trams still operate in Chapel St - but like all of us, they're not getting any younger!