It'll be good for the town if it goes ahead (and is well planned!): http://www.nuneaton-news.co.uk/Transformation-town-centre/story-29299067-detail/story.html

I think the real issue is attracting decent businesses into the area. Just how do you get well known businesses in when they can't see a return on any investment? - You have to offer heavy subsidies, and that can open up another set of issues.

Yes, I can imagine it can be tough kick starting things like this.