DEVELOPERS behind a shopping centre planned for Hanley have reassured residents they remain committed to the project despite problems caused by the economic downturn.

Last month, Realis Estates submitted a planning application for the £250 million East West Precinct, which includes proposals for a department store, cinema, hotel and bus station, as well as 70 shops and a host of cafes and restaurants.

The centre, which should create more than 2,000 jobs when it opens in 2013, is part of a £1.5 billion regeneration plan to transform North Staffordshire.

Many property firms have been reviewing their proposed developments after being hit hard by the credit crunch.

Last month, Birmingham-based developer St Modwen revealed that its plans to build hundreds of homes on the site of Stoke City's former home the Victoria Ground could be scrapped in favour of putting up commercial buildings.

But Duncan Mathieson, managing director of Realis Estates, said the tough market conditions won't affect proposals for the East West Precinct.

He said: "In recent months, all major property companies have begun reviewing their proposed developments and are now focusing their attention on their strongest schemes. The East West Centre is such a scheme.

"We have a solid business case and, together with our financiers, remain committed to delivering the project despite the tougher market conditions.

"The recent submission of an outline planning application for the redevelopment demonstrates our ongoing commitment to the scheme and to the regeneration of Stoke-on-Trent.

"In addition, like other forward-thinking businesses, we are taking a longer term perspective on the economic environment and looking towards 2013, when the scheme is scheduled to open.

"Realis Estates is part of a group of companies that has been actively involved in retail development and shopping centre projects for over 30 years.

"We have a solid track record of delivering landmark projects such as The Rushes Shopping Centre in Loughborough and Belfast's Holywood Exchange retail park – now home to the first IKEA store in Ireland and the third largest retail park in the UK."

Richard Day, chairman of the City Centre Chamber of Trade, said the project can't be completed soon enough.

He said: "This is a much-needed development and I'm pleased that the planning application has gone in, although there is still a way to go.

"It's an important development within the city centre because it's the catalyst that will kick off a lot of other proposals and schemes. I'd like to see it get started as soon as possible."

Mr Day added: "By the time the development actually starts, one would hope that we will be moving out of the current situation and that people will be interested in taking on the space that's being made available."

Bryan Carnes, chief executive of the North Staffordshire Chamber of Commerce and Industry, added: "This is a scheme which is vital to the regeneration of the city centre.

"In the current economic climate, businesses are concerned about either financial difficulties with funders or market conditions that make it difficult to find a key tenant for the retail side, which may cause further delays in getting this scheme off the ground.

"It's pleasing to learn that Realis is still confident they will be able to deliver the scheme and we wish them all the best. It is a long-awaited project which is key to the development of North Staffordshire."