The new owners of the The Mall Shopping Centre will plunge small businesses into uncertainty by changing the use of the premises.
Banks Long & Co, who took over the complex on the Hugh Street earlier in the year, plan to make massive investments and are looking to transform the space into a restaurant or entertainment venue.
Currently, some of the shops based in the centre include a record shop, a comic book shop and a barbers. However, many of the units remain empty.
The situation has forced the businesses to consider relocating, or closing down altogether.
A planning permission application is currently being prepared by the property developers, which is scheduled to be submitted to the City of Lincoln Council in February.