Barely 24hrs after what was not my first missive on the state of UK retail (and what is unlikely to be my last), a chink of light and a positive news story. 

Admittedly, this one doesn't go so far as to extol the virtues of the rating system. But I take minor comfort in the fact that at least it avoids taking an opportunity to put the boot in.     

The message is perhaps a simple one: retailers to some extent hold the key to navigating choppy waters. Truly understanding your target market and adapting to both engage with them and to meet their needs is one ingredient in the recipe for success.

But a cautionary tale from a rating perspective - the system as it stands values property from the perspective of a hypothetical tenant. What would the average or reasonable retailer be prepared to pay to have the benefit of occupying a particular property and what would the reasonable landlord be prepared to accept? 

In a world where all players are exhibiting similar difficulties, there would be a clear answer. 

Where some are able to demonstrate that they are able to derive better value from their occupation, the tide of rateable value is likely to rise. 

Deals done in April 2019 will form the basis of assessments for the 2021 Reval and the basket of evidence will include both.