The elderly man was taken to Dunedin Hospital by ambulance with serious injuries and is now in stable condition.
A Dunedin man, 31, has been charged with intent to injure and four charges of intentional damage and was expected to appear in the District Court today.
Damage could be seen to the shopfronts of Whitcoulls, Farmers and $ n'sense. Jeweller Brent Weatherall said the attack happened in front of his store and was caught on CCTV.
The footage indicated the attack happened about 2am and was preceded by a window-smashing spree that lasted for about half an hour, he said.
Weatherall said his windows were not broken but staff found blood splattered on the doorstep after the "horrific" attack.
''I think it's an extremely sad state of affairs that seems to be more of a common occurrence these days."
The footage showed the victim had been hit by an object before he fell to the ground and the assault continued while he was lying in the street, Weatherall said.
''It's not nice to see at all. I just hope the individual is going to be okay."
He was pleased the alleged attacker had been caught.