A report out last week on prime retail rentail values in the UK placed Newport firmly at the bottom of the chart.

The Collier's International's 2014 Mid-summer Retail Report made for very interesting reading.

The report showed that rents for retail space in Newport have plummeted from £55 per sq ft last year to £30 this year. The figure was £129 per sq ft less than 10 years ago.

Rents in Newport are down 45 per cent making it the worst performing centre in the UK.

On the face of it that should be very good news as low rents attracts new business. However, this doesn't appear to be the case.

Although there is a stack of space available at very attractive and affordable rents in the city centre, Commercial Street and High Street, nothing or very little is moving.

Why?

Well, the Friars Walk effect on the one hand. Major retail occupiers have already or are eyeing that as the target for new openings which has caused a stalemate in the centre.

And also there are the exorbitant rates.

I was on the verge of a major signing recently for the city centre. It would have delivered a completely new venture into Newport. The deal was almost there, rent and other terms agreed, but the stumbling block was rates. The prospective tenant was facing an annual rates bill of some £60,000 a year which stymied the deal.

Rents can be as low as you like but with sky-high rates and no change due any time soon the complexion of our city centre looks set to remain much the same as it is today for sometime.

Up the 'Port!