The company initially intended to redevelop the area to reflect changing shopping habits and encourage city living. However, following a review, Landsec has decided to retain the current building as the "anchor" for a new district.
This decision comes in response to the retail sector's strong recovery since the pandemic and reflects the company's desire to meet the evolving needs of consumers and businesses.
Nick Davis, Landsec's head of retail development, explained: "Given the changing dynamics of cities and the robust recovery of the retail sector, we're exploring a masterplan that can be implemented in phases. Our focus has shifted to rejuvenating Buchanan Galleries as a prime retail destination."
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Landsec plans to unveil the first phase of its renewed vision for the transformation of Buchanan Galleries shortly. While the overall goal of creating a new neighbourhood remains, the shopping centre will now serve as a central focal point.
Mr Davis added: "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."
