He's tried to sugar the pill for the Australians by insisting that the decision should not be seen as a rejection of their proposals, merely a postponement. But in reality it's hard to see how Belfast can support three new shopping malls, and with Westfield now third in line it's unlikely the proposed scheme will see the light of day in the foreseeable future.

Multi Development Corporation is of course in pole position with its Victoria Square project coming out of the ground. But even here letting progress hasn't exactly been scintillating which does raise questions over the depth of retailer demand in the current tough trading climate.

We'll probably never know what the truth is about Marks & Spencer's involvement: the retailer insists it was never committed to the site but the market seems to believe a deal had been agreed and that incoming property director Clem Constantine ordered it to be scrapped.

Either way, it's water under the bridge now, and there's still an 80,000 sq ft gap to be filled in the tenant line-up. A strong homewares or furniture retailer like Habitat of Heal's might have been an option. But Ikea's decision to open a 28,500 sq m store on the Holywood Exchange site will cast a long shadow over the sector in the whole of Northern Ireland.

Graham Parker Editor

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