Opening a major retail development at the beginning of the credit crunch is symptomatic of the cack-handed efforts to redevelop the city by its civic misrulers. A further unwelcome aspect of it, however, has been the likely effect that the Liverpool One development will have on the city's existing shopping areas. In the case of Bold Street it's already being felt (http://www.liverpooldailypost.co.uk/liverpool-news/regional-news/2008/06/11/bold-street-feels-pinch-as-liverpool-one-opens-64375-21054754/ ):
"Neville Boyars, owner of fancy dress shop Smiffy's, said, 'At the moment, with Liverpool One now open, Bold Street is becoming just a passing through zone and that's going to be the same for any location in the town.
'We've spoken to Liverpool One and their viewpoint is that Liverpool One will regenerate the city -- I just hope that's the case.'"
If you believe that, you'll believe anything.