The footpath around the wall was blocked off in mid-December after it began to bulge.
Andrew Lane, the director of Night'n Day Foodstores which owns the property, said the wall was not causing any problems.
The company was waiting on structural engineer reports before making a decision on the wall's future.
Dunedin City Council roading maintenance engineer Peter Standring said "some recent movement" had been noticed, but his concern was "to not let things fall on the street and hit people".
Because of the safety focus, he was not as worried about the footpath being blocked for six months because there was "sufficient provision" for people to either walk around the obstruction, or walk on the other side of the road.
"It's a concern when people take up road reserve ... but this might be quite a big fix."
Council chief building control officer Neil McLeod said "no application for building consent" had been received.
"From my point of view, everything is safe because no-one is in any danger."
