Frankston’s early economy in the 19th century was driven largely by fishing and coastal trade. Thomas McComb funded the construction of Frankston Pier in 1857, which allowed local fishermen to more easily transport their catches. In 1863, following a petition from residents, the pier was extended into deeper waters, equipped with a gas lamp and lamplighter. The Frankston Fish Company, established in 1867 by local businessmen including Thomas Ritchie, enabled bulk transport of fish to markets in Melbourne, further boosting the local economy.

In 1870, Thomas Ritchie opened his first general store at the southwest corner of Playne Street and Nepean Highway, marking the beginnings of Ritchies Stores—the largest independent grocery chain in Australia today, still headquartered in Frankston.

Hospitality also flourished. On 15 November 1873, William Davey Jr., grandson of early settler James Davey, obtained a licence for the Bay View Hotel, constructed with a guest house shipped from Jersey. Mark Young purchased the Frankston Hotel in 1875, renaming it the Pier Hotel, and invested heavily in its improvement, making it one of Victoria’s premier hotels at the time.

Education and civic services developed alongside commercial growth. Grace McComb petitioned for the first government school, which opened in 1874 on Davey Street as the No. 1464 Frankston School (later Frankston Primary School) with 45 students. The Mechanics’ Institute, built on the former site of the Cannanuke Inn in 1880, became a hub for education and community life, supported by local societies and donations, including the first 400 books donated by banker H.D. Larnach to establish the Frankston Free Library.

Financial services arrived with the opening of the Colonial Bank of Australasia branch in 1881, located adjacent to Mark Young’s Pier Hotel.

Transport infrastructure also advanced during this period. The railway line from Caulfield to Frankston was extended between 1881 and 1882, primarily to service a proposed metropolitan cemetery. Although the cemetery plan was eventually abandoned due to soil and geological concerns—later established in Springvale in 1901—the railway significantly improved access to Frankston, facilitating both commerce and tourism.

By the late 19th century, Frankston had evolved from a simple fishing village into a bustling seaside community with a diversified economy, including fishing, retail, hospitality, and transport services, laying the foundations for its continued growth into the 20th century.