RETAIL giant Selfridges has admitted there are no immediate plans to build its long-awaited store in Glasgow.

RETAIL giant Selfridges has admitted there are no immediate plans to build its long-awaited store in Glasgow.

Bosses at the upmarket store today said an announcement on redeveloping the Merchant City site earmarked for the shop was "not imminent".

And council leaders, who held talks with the store again last week, accept the economic downturn means hopes of the store going ahead soon have been dashed.

Instead they are resigned to looking at "environmental improvements" to the eyesore gap site, including demolishing buildings and landscaping the area.

Today's new blow to the Selfridges development comes after years of hopes that the prestigious development - seen as the icing on the cake for Glasgow's reputation for shopping - was about to go ahead.

In 2007 and 2008 reports suggested Selfridges was on the verge of submitting a detailed planning application for the former Goldbergs site. Other reports strongly hinted an architect had been appointed.

But more than six years after the firm first bought the majority share of the site, no work has started on the semi-derelict piece of land.

And store bosses have never submitted plans to the council.

It's now feared the scheme may never get off the ground because of the credit crisis and banks' reluctance to lend cash to developers.

On Saturday the Evening Times told how plans for the development of the former Odeon cinema in Renfield Street, which closed three years ago, had been ditched because the firm behind the venture couldn't get money from the bank.

Selfridges insisted its plans would be progressed, but declined to give any timescale.

A store spokeswoman said today: "We have no further update on Glasgow. We own the freehold for 90% of the Trongate site. If we conclude it is financially viable to open a store in Glasgow, we will do it - but an announcement is not imminent."

Councillor George Ryan, executive member for development and regeneration, said: "The council continues to be in regular contact with Selfridges and is aware that, while the development of the site may still be some way off due to the current economic climate, it remains part of their long-term development programme.

"Recent discussions are currently focusing on the development of a short-term environmental improvement programme for the site which could include some demolition works and temporary landscaping."

Gordon Matheson, whose ward includes the site, added: "I share the frustration felt about the empty Selfridges site. I am confident everything within the council's powers is being done behind the scenes to try to encourage and cajole Selfridges to bring forward a proposal and I am still optimistic Selfridges will open a store in Glasgow. The question is, when?"

Selfridges first announced plans for a £90million store in October 2002 and said 1000 jobs would be created.

Council chiefs have repeatedly held talks with the retail giant, travelling to London to meet Selfridges bosses in an attempt to persuade them to kick-start the scheme.

Experts say the 200,000sq ft store is vital for the regeneration of the Merchant City.

Glasgow SNP MSP Sandra White said: "They've had the site so long now and have been contacted and asked what their plans are.

"This is the linchpin of the Merchant City's regeneration plans but they are behaving like an absentee landlords.

"They have to come clean and let us know what they are doing with the site."

Council insiders say there is little the authority can do to encourage Selfridges to speed up the scheme.

They are unable to use compulsory purchase powers to buy the land because it would cost around £20million. Even if they did have the cash, they would need to have an alternative plan for the site.

Mr Matheson said: "If there was an alternative developer then I would be pushing for Selfridges to develop or sell but I fear that in the current climate we have little choice other than to keep talking to Selfridges, remain patient and ensure that the site is safely maintained in the meantime."