The Melbourne shopping centre at the centre of a tragic plane crash that claimed five lives on Tuesday will set up a public memorial for people to pay their respects.

A local pilot and four American tourists were killed when the small charter plane suffered catastrophic engine failure and crashed into DFO in Essendon.

No-one else was hurt in the incident.

The centre will open a community memorial area from midday today, and leave it open over the weekend.

Most shops will open to the public on Monday, except for about a dozen stores that are without power or were damaged in the crash.

DFO managing director Angus McNaughton said staff and the community needed the chance to grieve.

“I think everybody is naturally shaken. I think with any major incident, individuals are certainly going to be shaken around it,” he said.

“So, obviously, the site is closed at the moment, but our team has been provided regular counselling. We are going to have a regular counsellor available on site all week next week.”

Investigations into the crash, lead by the Australian Transport Safety Bureau (ATSB) are continuing, with a preliminary report expected within four weeks.

See  dramatic photos from the aftermath of the crash

MFB Chief Paul Stacchino says fire crews were to remain on site for some time Source: Twitter

Five people were killed after the crash at DFO in Essendon. Photo: AAP

The Spotlight side of the DFO complex was engulfed in flame Photo: AAP

The massive smoke plume was observed from significant distance. Source: Twitter

At least 13 firetrucks were on site at DFO to bring the blaze under control. Source: Twitter

A memorial will be set up at Essendon's DFO centre. Photo: AAP

More than 60 firefighters worked to control the blaze. Source: Twitter

Police gather in the DFO car park shortly after the crash. Source: Twitter

Nearby motorists witnessed the light aircraft crash and shared images and video to social media. Source: Facebook

A Twitter user captured vision of the impact moments after the crash. Source: Twitter

On Thursday, Federal Infrastructure and Transport Minister Darren Chester said the cockpit voice recorder had been recovered and taken to Canberra for analysis.

Locals who live near Essendon Airport have raised concerns about the proximity of the airport to suburbia, and some have called for it to be closed.

Premier Daniel Andrews said that was unlikely to happen, but the Government would be ready to make any changes recommended by authorities once investigations had been completed.