Plans to build a new retail mall in Lincoln are under threat after the previous investors in the project have dropped out.
Lincolnshire Co-operative are trying to push forward plans to build a new shopping mall, retail units and a brand new bus station in and around Sincil Street. They are now looking for new investors to join the project.
Many Lincoln residents are excited at the prospect of a revamp, particularly the proposed new bus station.
However Simon Krivec, manager of shoe shop Raw, said: “The elderly women and men may struggle if they move the bus station because they only come into Sincil Street for the butchers or go to the market, a lot of them try to avoid the high street if they can.”
But investors are hesitant in putting money into the shopping centre because of the numerous retail units that are already standing empty in Lincoln and are worried they won’t get the money back that they invest into the shopping centre.
The shopping centre Waterside was built to have more up to date shops in Lincoln, but some of the retail units inside are now closed as owners could not keep up with the rent.
Many of the shops in Sincil Street are also facing an uncertain future as the shops that just rent their premises may face closure to make way for the new shopping mall. The people who run their own business, such as Raw, also face the possibility of their rent being increased.
Krivec said it would be good for the decision about the development to be made quickly: “The sooner we all know the better, because shops around Sincil Street need to know there next move.”Tweet