Acting Senior Sergeant Simon Reay, of Dunedin, said police arrested a 55-year-old man after he was spotted "smashing windows" in the Octagon and lower Stuart St about 12.30am yesterday.
Five businesses had been damaged, but further reports were considered likely, Snr Sgt Reay said.
Pizza Bar, Brew Bar, Best Cafe and Finders Keepers Boutique were among the businesses that were damaged.
He received a phone call from officers about 1am yesterday — the day before the pizzeria was set to reopen its doors.
"We’re taking a lot of punches at the moment.
"One of our properties at St Clair just got red-stickered because of floods.
"To be honest, for me, it’s the least of my worries."
Mr Shi said he hoped the pizzeria’s front door would be replaced by tomorrow and that their customers would understand in the meantime.
Brew Bar co-owner Mark Fraser said the homeless man had "pushed his shopping trolley through the window".
Staff had been cleaning up the glass and a glass company had been called to fix the window, and he hoped it would be repaired by the end of the week.
The 55-year-old is due to appear in court this week.
Snr Sgt Reay said the charges were still being finalised.
• Police 105 or Crimestoppers 0800555-111.
