Newport has biggest fall in UK shop rental figures - report

A report on shop rental value has named Newport the worst performing centre in the UK

A report on shop rental value has named Newport the worst performing centre in the UK

First published in News

A RETAIL report based on prime rental value has named Newport the worst performing centre in the UK.

The Colliers International’s 2014 Midsummer Retail Report is widely recognised as the retail sector’s leading overview of out of town and High Street shopping trends.

It compares the cost per square foot of renting prime location retail property and has shown the value of retail property per square foot to have dropped from £55 in 2013, to £30 in 2014.

Colliers International retail specialist Nick Turk said: “South Wales has been hit by changing shopping patterns.

“The figures have revealed some astonishing contrasts in fortunes with Newport – down 45 per cent – the worst performing centre in the entire country.

“On the other hand Monmouth has seen rental figures rise 10 per cent, one of the best performing centres.”

Nick Turk went on to say: “Despite these figures it is encouraging to see the city council has recognised Newport has a problem and is trying to do something about it, backing the new town centre development at Friars Walk, which will go some way to reversing this decline.”

“This really is a remarkable period of change for the retail world and while we are not out of the woods yet there are positive signs on the horizon.

"Ripples of prosperity are coming down the M4 and we are looking forward to more prosperity in 2015.”

Average rents in Wales stay 38 per cent below 2008 levels.

Newport City Council declined to comment.

Comments (12)

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11:19am Fri 27 Jun 14

Walter Devereux says...

The only way is up!
The only way is up! Walter Devereux
  • Score: 14

11:23am Fri 27 Jun 14

Fingers On The Pulse says...

And what are our great council doing?
And what are our great council doing? Fingers On The Pulse
  • Score: 5

11:44am Fri 27 Jun 14

stjulians says...

Fingers On The Pulse wrote:
And what are our great council doing?
Spending 90 million and the “city council has recognised Newport has a problem and is trying to do something about it, backing the new town centre development at Friars Walk, which will go some way to reversing this decline”, as the article says.
[quote][p][bold]Fingers On The Pulse[/bold] wrote: And what are our great council doing?[/p][/quote]Spending 90 million and the “city council has recognised Newport has a problem and is trying to do something about it, backing the new town centre development at Friars Walk, which will go some way to reversing this decline”, as the article says. stjulians
  • Score: 13

1:10pm Fri 27 Jun 14

Ultimate Worrier says...

A good investment opportunity for someone, surely?
A good investment opportunity for someone, surely? Ultimate Worrier
  • Score: 10

1:28pm Fri 27 Jun 14

inkyskin says...

the rates for these empty stores are through the roof! personally i think there should be an incentive for new shops to come to newport, give new business half price business rates and cheaper rent for the 1st year while they find their feet, if you've looked into how much NCC want for even small shops you'd be surprised! and people wonder why they're empty :(
the rates for these empty stores are through the roof! personally i think there should be an incentive for new shops to come to newport, give new business half price business rates and cheaper rent for the 1st year while they find their feet, if you've looked into how much NCC want for even small shops you'd be surprised! and people wonder why they're empty :( inkyskin
  • Score: 11

2:33pm Fri 27 Jun 14

Kevin Ward - Editor says...

Business rates are not the responsibility of local councils. They are set by the Welsh Government.
Business rates are not the responsibility of local councils. They are set by the Welsh Government. Kevin Ward - Editor
  • Score: 17

4:36pm Fri 27 Jun 14

Manley says...

A fall in rents might suggest that there is too much availability and not enough demand. Friars Walk will only add to the availability.
A fall in rents might suggest that there is too much availability and not enough demand. Friars Walk will only add to the availability. Manley
  • Score: 3

4:53pm Fri 27 Jun 14

Port0214 says...

"Ripples of prosperity are coming down the M4 and we are looking forward to more prosperity in 2015.”

The above mentioned ripples seem to pass us by, the WAG are the root cause, of this there is no doubt.

The Friars Walk development is to little to late, key issues still remain, access and lack of free parking the constant tinkering and half jobs seem to plague Newport, the bus and railway stations being prime examples.

The people of Newport have money to spend, a trip to the Newport Retail Park highlights this fact, getting people back into town is the problem a half job shopping centre is not the complete solution.
"Ripples of prosperity are coming down the M4 and we are looking forward to more prosperity in 2015.” The above mentioned ripples seem to pass us by, the WAG are the root cause, of this there is no doubt. The Friars Walk development is to little to late, key issues still remain, access and lack of free parking the constant tinkering and half jobs seem to plague Newport, the bus and railway stations being prime examples. The people of Newport have money to spend, a trip to the Newport Retail Park highlights this fact, getting people back into town is the problem a half job shopping centre is not the complete solution. Port0214
  • Score: 5

5:24pm Fri 27 Jun 14

Magor says...

Been down to Spytty today , had an hour to spare,parked up for free outside the shops spent £80 back home within the hour.Plenty of others down there as well.Thats how people shop these days, if not on-line.Why drive into congested town centres?
Been down to Spytty today , had an hour to spare,parked up for free outside the shops spent £80 back home within the hour.Plenty of others down there as well.Thats how people shop these days, if not on-line.Why drive into congested town centres? Magor
  • Score: 2

9:42am Sat 28 Jun 14

Lliswerry Man says...

Kevin, whilst it is true Business rates are set by the Welsh Government, its also the duty of the local council, and loca businesses to " negotiate " with the WAG to get a deal that suits Newport. Look at London, wages far more greater than anywhere else, as the cost of living is more expensive, But here in Newport we have lower wages compared to other places in Wales, Cardiff, Swansea for example and as such the rates along with other charges need to be inline with LOCAL costs. Not a Blanket charge. I personally do not know whether this already happens, does Newport pay less that elsewhere? We need to be attracting business, the question should be asked, "why are they not coming here fast enough"... has anybody asked "Retailers" what is stopping them opening up here?
Kevin, whilst it is true Business rates are set by the Welsh Government, its also the duty of the local council, and loca businesses to " negotiate " with the WAG to get a deal that suits Newport. Look at London, wages far more greater than anywhere else, as the cost of living is more expensive, But here in Newport we have lower wages compared to other places in Wales, Cardiff, Swansea for example and as such the rates along with other charges need to be inline with LOCAL costs. Not a Blanket charge. I personally do not know whether this already happens, does Newport pay less that elsewhere? We need to be attracting business, the question should be asked, "why are they not coming here fast enough"... has anybody asked "Retailers" what is stopping them opening up here? Lliswerry Man
  • Score: 0

10:40am Sat 28 Jun 14

stjulians says...

Magor wrote:
Been down to Spytty today , had an hour to spare,parked up for free outside the shops spent £80 back home within the hour.Plenty of others down there as well.Thats how people shop these days, if not on-line.Why drive into congested town centres?
And on the other side of the coin, I went to Spytty yesterday and had a completely different experience. Wanted to visit M&S food hall and thought that we'd eat breakfast there. Difficulty finding a space on arrival, M&S restaurant had a 30 minute wait on jacket potatoes (?!), refused to make a tuna mayo sandwich as an alternative which meant one of us couldn't eat and then what I wanted from the food hall wasn't available... home within the hour and £8 spent, nothing that I wanted and had to stop on the way home to pick up a sandwich for the one of us that couldn't eat.
[quote][p][bold]Magor[/bold] wrote: Been down to Spytty today , had an hour to spare,parked up for free outside the shops spent £80 back home within the hour.Plenty of others down there as well.Thats how people shop these days, if not on-line.Why drive into congested town centres?[/p][/quote]And on the other side of the coin, I went to Spytty yesterday and had a completely different experience. Wanted to visit M&S food hall and thought that we'd eat breakfast there. Difficulty finding a space on arrival, M&S restaurant had a 30 minute wait on jacket potatoes (?!), refused to make a tuna mayo sandwich as an alternative which meant one of us couldn't eat and then what I wanted from the food hall wasn't available... home within the hour and £8 spent, nothing that I wanted and had to stop on the way home to pick up a sandwich for the one of us that couldn't eat. stjulians
  • Score: 3

12:31pm Sun 29 Jun 14

Magor says...

stjulians wrote:
Magor wrote:
Been down to Spytty today , had an hour to spare,parked up for free outside the shops spent £80 back home within the hour.Plenty of others down there as well.Thats how people shop these days, if not on-line.Why drive into congested town centres?
And on the other side of the coin, I went to Spytty yesterday and had a completely different experience. Wanted to visit M&S food hall and thought that we'd eat breakfast there. Difficulty finding a space on arrival, M&S restaurant had a 30 minute wait on jacket potatoes (?!), refused to make a tuna mayo sandwich as an alternative which meant one of us couldn't eat and then what I wanted from the food hall wasn't available... home within the hour and £8 spent, nothing that I wanted and had to stop on the way home to pick up a sandwich for the one of us that couldn't eat.
I always park on the megabowl site or Matalan if its busy.There are plenty of other places to eat other than M&S.
[quote][p][bold]stjulians[/bold] wrote: [quote][p][bold]Magor[/bold] wrote: Been down to Spytty today , had an hour to spare,parked up for free outside the shops spent £80 back home within the hour.Plenty of others down there as well.Thats how people shop these days, if not on-line.Why drive into congested town centres?[/p][/quote]And on the other side of the coin, I went to Spytty yesterday and had a completely different experience. Wanted to visit M&S food hall and thought that we'd eat breakfast there. Difficulty finding a space on arrival, M&S restaurant had a 30 minute wait on jacket potatoes (?!), refused to make a tuna mayo sandwich as an alternative which meant one of us couldn't eat and then what I wanted from the food hall wasn't available... home within the hour and £8 spent, nothing that I wanted and had to stop on the way home to pick up a sandwich for the one of us that couldn't eat.[/p][/quote]I always park on the megabowl site or Matalan if its busy.There are plenty of other places to eat other than M&S. Magor
  • Score: 1

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