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.