Auckland's CBD business association recorded a loss of 60 per cent compared to last year.
The $257.7m loss was recorded for the quarter ending June 30.
Heart of the City say eliminating the Covid-19 virus does not mean eliminating the country's source of revenue and jobs.
Although domestic shopping increased after the first lockdown, international spending has hit businesses hard.
In the week starting August 10, Auckland spent four and a half days in alert level 3 and a further loss of $19.4m was recorded.
Viv Beck, chief executive of Heart of the City, is calling for certainty for businesses in a uncertain time.
"While there are willing ears in Government agencies to listen to the plight for business, this needs to turn into action and take account of business feedback in a consistent and systematic way."
"Survival and recovery will require strong collaboration across the public and private sector" said Beck.
She says the return to alert level 2 will be difficult for businesses unless safe trading is better geared to business success.
Beck told the Herald these results show "how crippling trading restrictions have been".
A recent analysis found 89 per cent of Auckland businesses are collecting the Government's subsidy.
This is significantly higher than the national average, estimated at 75 per cent.
Dot Loves Data's Government Director Justin Lester said the data "reinforces local sentiment that Auckland businesses are reeling from the latest lockdown and many will not survive when the wage subsidy payments end".
He also said it shows how weak Auckland's economy is right now.
The analysis by Dot Loves Data found areas within South Auckland including Māngere, Manurewa and Papatoetoe are at the highest risk of receiving the wage subsidy within Auckland.
They have a 20 per cent higher risk when compared with the Orakei, Waitākere Ranges and Waiheke areas.
Earlier this week the Government announced the wage subsidy would be extended.
The new two-week wage subsidy is open for applications from August 21 until September 3.
The criteria for the new wage subsidy is similar to the current extension, which was to have lapsed on September 1.
The Heart of the City wants to see change ensuring the best outcome that minimises the destruction of businesses and jobs