When people talk about Newport, there’s often a tendency to compare it to its larger neighbours, Cardiff and Bristol. While the city might not have the scale of its counterparts, it more than makes up for it with character, grit, and an independent edge.
Newport is not just holding its own; it’s quietly carving out its niche, particularly for innovative small and medium-sized enterprises (SMEs) that are ready to seize opportunities as the city evolves.
From my vantage point at HSJ Accountants, where we work closely with a variety of local businesses, I’ve seen how creativity and resilience are driving Newport forward. The transformation of Newport Market and the steady rise of independent businesses in the city centre more generally are testament to what can happen when businesses are supported and encouraged to take a fresh approach. These aren’t just isolated pockets of success; they’re a reflection of Newport’s potential to thrive.
Newport has long faced challenges competing with neighbouring cities and out-of-town retail hubs, but its future looks increasingly bright. The city centre is home to unique amenities, from its vibrant university to Rodney Parade, which hosts two professional sports teams. Developments like the new leisure centre will further cement Newport as a destination that draws people in. For retail and hospitality businesses, increasing footfall is key. The feedback from our clients is clear: when people come through the door, they spend. The challenge is ensuring that people choose Newport as their destination.
I love the description of Newport as the “bohemian cousin” of Cardiff and Bristol. It speaks to the city’s individuality and its capacity for innovation. Whether it’s independent retailers, restaurants, or engineering firms, the businesses here are full of people who are unafraid to try new things. When you combine that mindset with the larger investments being made in the city, the result could be a vibrant and exciting future.
Of course, running a business is not without its challenges. Many owners feel like they’re working harder than ever just to stand still, thanks to rising costs and economic pressures. Inflation has created significant hurdles, and the overall tax burden on businesses is projected to hit record levels by the end of the decade. That said, there’s a cautious optimism among the business community. Recent surveys show that 80% of SMEs are still planning for growth in 2025, albeit through innovation, cost management, and capital investments rather than increasing headcount.
In Newport, we see that optimism reflected in a commitment to collaboration and community. Whether it’s through the work of the business improvement district Newport Now or the opportunities created by the local authority, businesses here are increasingly feeling able to embrace shared values and a collective approach to growth.
What Newport businesses value most, however, is clarity. After years of volatility and uncertainty, a clearer picture is starting to emerge. Stability in tax and economic policy will allow companies to plan, invest, and innovate. For Newport, that clarity will be the foundation on which it builds its future.
This city is not just surviving; it’s evolving. Its SMEs are thriving, its businesses are innovating, and its people are ready to seize the opportunities ahead. Newport’s future is bright, and it’s a privilege to work alongside so many businesses that are helping to shape it.
