Twelve town centres across the country have been selected to be the first Portas Pilots, unfortunately Warwick is not one of them.
Local Government Minister Grant Shapps praised the exceptional quality of the winning bids, which will each receive a slice of £1.2 million and a tailored package of support from both the Minister and retail guru Mary Portas.
Successful pilots will be helped to implement their ideas to rejuvenate the town centre, as well as test out the measures in Mary Portas's High Street Review.
The competition to become a pilot received an overwhelming response, with over 370 applications from across the country.
The 12 towns selected are:
Bedford, Bedfordshire Croydon, Greater London Dartford, Kent Bedminster, Bristol Liskeard, Cornwall Margate, Kent Market Rasen, Lincolnshire Nelson, Lancashire Newbiggin by the Sea, Northumberland Stockport, Greater Manchester Stockton on Tees, Teeside Wolverhampton, West Midlands
There is hope however, Mr Shapps said unsuccessful applicants should not despair - the quality of the bids has been so high that he was launching a second round of the competition, which will see 12 additional pilots announced by the end of July.