There’s never a dull moment on Glasgow’s fast-moving commercial property landscape.

Nearly three years after it revealed radical plans to tear down the Buchanan Galleries shopping mall, little more than two decades after it was built, and replace it with a bold new mixed-leisure development, Land Securities has gone back to the drawing board.

Explaining its decision, the company declared that the retail industry has bounced back strongly from the pandemic, and that it is ready to quickly bring forward a “renewed vision” for the top of Buchanan Street, one that is “anchored by the Galleries” and does not involve demolishing what is one of the better-looking modern buildings in the troubled city centre.

Regardless of whether other, undisclosed factors came into its thinking – hopefully Landsec did not develop cold feet over investing so much in a city that does not have its troubles to seek – it is hard to disagree that it is the correct decision.

Sure, there was a certain logic to the original plan, which appeared to recognise that the city centre could not rely on the retail sector alone for its future prosperity.

After years of steady decline, driven by the rise of online shopping, the development of out-of-town shopping destinations, and the fall-out from the pandemic, it was not surprising to hear that Landsec saw a future for the Buchanan Galleries beyond retail, and proposed to build a “mixed-use urban neighbourhood” in place of the current shopping mall. The plans envisaged the development of homes, offices, a hotel, and hospitality outlets over an extended area, as well as shops, including the void above Queen Street station.

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The proposals divided opinion, but the thinking was understandable, particularly given the struggles Glasgow city centre was enduring as it emerged from the pandemic. Indeed, the Landsec plans emerged just days before Marks & Spencer announced the closure of its long-standing store on Sauchiehall Street – another major blow to an area already blighted by the loss of major retailers such as BHS and Watt Brothers.

Moreover, Landsec’s plans for Buchanan Galleries chimed with the long-standing ambition of the city council and Glasgow Chamber of Commerce to encourage more people to live in the city centre.

Now that thinking has been turned on its head. In a statement to the Glasgow Times, The Herald’s sister title, Landsec’s head of retail development, Nick Davis, said: “Given the way cities have changed, and retail’s strong post-pandemic recovery, we’re exploring a masterplan that can be delivered in incremental phases and are re-focusing the first phase of our vision in rejuvenating Glasgow’s prime retail destination.

“In conversations with brands, and through engagement with the public, we know that there is both consumer and commercial appetite for this to be delivered and delivered quickly. With this in mind, we will shortly be bringing forward the first phase of a renewed vision for the transformation of Buchanan Galleries.

“We recognise the need for investment at the top end of Buchanan Street and the advantage of retaining and investing in the existing building means we can deliver more quickly for Glasgow’s community, whilst being less disruptive and less carbon-intensive than our previous proposal.

“We believe that over time we can create a new city centre district, anchored by the Galleries, that responds to the way people want to live, shop and work. To facilitate this multi-phase masterplan approach, we have recently purchased 229-249 Buchanan Street adjacent to the Galleries – reaffirming our commitment to the city.”

The assertion by Landsec that retail has performed strongly post-pandemic is debatable. There have clearly been winners and losers on the retail scene over recent years, with stores continuing to close on high streets and established names running into difficulty.

Following a sustained period of high inflation, and amid high interest rates, figures from the Scottish Retail Consortium have shown sales in Scotland have stayed largely static over the last year. Figures released by the SRC on Monday suggested sales remained "stuck in the doldrums" last month, as total sales in Scotland decreased by 0.5% last month compared with September 2023, when they had grown 6.1%. Adjusted for inflation, there was a year-on-year sales increase of just 0.1%.

Although some high-profile retail brands have managed to perform well even amid difficult economic conditions over recent years, notably in the immediate wake of the pandemic when some consumers splashed out on expensive items after storing up cash during lockdown, it has broadly been challenging for the industry since Covid struck, and with the cost of living crisis that followed.

But regardless of the current state of play, Landsec - unsurprisingly given its extensive investment in retail properties - sees shops being a big part of Buchanan Galleries’ future, and is now setting about enhancing the offer at the Glasgow destination.

While this sounds promising for the retail industry and shoppers, Glasgow will benefit from the decision in other ways too. From an environmental perspective, it is surely good news that a huge building that was only erected in 1999 is not going to be torn down. It would have been a monumental waste to have done so and damaging to the city’s sustainability credentials.

In addition, the last thing Glasgow city centre needs amid its current, well-documented struggles is another huge building site, especially as citizens continue to reel from disruptive works on Sauchiehall Street, and seemingly endless roadworks.

Even council leader Susan Aitken has admitted parts of the city centre will be “literally building sites” over the next few years, as various improvement projects are carried out, although she has emphasised that the disruption will be worth the short-term pain in the long run.

Responding to the Landsec decision, Stuart Patrick, chief executive of Glasgow Chamber of Commerce, acknowledged the company had taken the right course of action regarding Buchanan Galleries, although he continued to make the case for encouraging more people to live in the city. He also had a message for the SNP Government concerning its current policy on rent controls.

“Landsec is a long-term and valued investor in the city centre and its commitment to Glasgow underscores confidence in the city’s growth potential,” Mr Patrick told The Herald. “A phased approach to the development is prudent as the city recovers and adapts to changing needs. It will also minimise disruption and support a vibrant and attractive destination for businesses, residents, and visitors alike.

“Investments in the right retail and leisure offer protects the attractiveness of Glasgow as a destination and creates new opportunities by potentially attracting brands not currently represented. Glasgow city centre is seeing footfall recovery in key retail streets. However the mix of in-store and online spending can sometimes cloud the overall picture of retail performance. We need to continue to enhance our offer to provide the best experience for city centre visitors.

“Looking more broadly, we share the vision of growing Glasgow’s residential population, which is critical for the city’s long-term vitality. However, supportive legislation around build-to-rent developments is necessary to attract investment.”