Hopes rise for Newport as foot traffic increases. Focus is on filling vacant stores post Debenhams closure.
She mentioned payments to Friars Walk’s owners. The council pays up to £500,000 each year. This covers rental income shortfalls.
Dimitri Batrouni said they meet with Friars Walk’s owners often. Owners are always looking for new stores. He can’t share details due to business reasons. He hopes for good news soon.
City center foot traffic increased 2.6% since last year. The owners are working to get new tenants. The council hasn’t paid the full subsidy every year. It’s been in place since 2017.
The deal should earn the council money. The council says they gained £8 million from this deal. Payments happen over 15 years. The council might get more rent payments.
Townsend is glad foot traffic increased. However, she feels the increase is quite small. She represents the St Julians ward.
Batrouni discussed Newport’s regeneration plans in January. Specific details were not immediately available. He said the council supports businesses. They plan to share more news in the summer.