Whitefriargate has been struggling in recent years and the opening of the St Stephen's mall on the other side of the city centre hasn't helped.

A new study has been commissioned by urban regeneration quango Hull Forward ahead of the building of a new footbridge across the River Hull from the east bank, which will eventually bring guests at the new hotel being built next to Myton Bridge and residents of the Boom development into the Old Town.

The majority of the study's funding is being provided by Hendersons, the developers of the £440m Quay West scheme, which is due to open in 2013.

There have been suggestions that Whitefriargate could be a new "Covent Garden". Others are concerned that Quay West will finally destroy Whitefriargate as a shopping street.

Director of property development at Hull Forward, John Haymes, said: "We are looking at what will happen to Whitefriargate over the next five to 10 years if there's no intervention and what are the interventions that could be made to accelerate the positive changes in Whitefriargate.

"Without pre-empting the study, they are the sort of things that will help us prepare an action plan and investment strategy."

Mr Haymes said the street would be affected by the "gravitational pull" of St Stephen's and Quay West, but more shoppers coming into the city centre offered more opportunities for niche retailing.

Asked why the study couldn't be done by their staff or those employed at the council, he said: "I'm not aware there's expertise of the level that would be required in-house. We put out what we have to put out to buy expertise and skills in."

The study is being undertaken by property and regeneration consultancy CB Richard Ellis, supported by BDP, an award-winning architectural team. The work will be carried out in two stages and will involve consultation with a large number of stakeholders and partners. The key findings will be made public next spring.