City council leader Bob Price last night hoped developers of the Westgate shopping centre would announce a new timetable for the £330m revamp by the end of the year.

In July, the Westgate Partnership stunned traders when managers announced that the timetable for the project was under review.

Capital Shopping Centres, the Westgate Partnership's parent company, originally planned to start work in January, with new retailers, including flagship store John Lewis, ready to open by Spring 2012.

But the economic downturn has meant the massive refurbishment is now on hold, and Capital Shopping Centres has not yet announced a revised timetable.

In July, the Carlyle Group announced plans for a multi-million-pound shopping arcade behind St Aldate's and Queen Street, to open in 2011.

Yesterday, pressure was growing for some kind of Westgate timetable to be announced.

Mr Price said: "It is our hope that developers make an announcement by Christmas. We would like to eliminate uncertainty by the end of the year and I understand Capital Shopping Centres will be involved in talks over the next two weeks to pursue financial issues."

Mr Price added that he thought a year's further delay following a timetable announcement would be "a reasonable estimate" in the current economic climate.

He said: "Oxford is a very good place to come and shop, which is why the developers of St Aldate's Chambers are pushing forward with their retail project.

"That is also true of Capital, but the Westgate Centre has so much more associated expenditure around it in terms of funding.

"They are still very confident about the scheme and it is not possible that they would scale it down because they have planning permission."

Graham Jones, a spokesman for the traders' group Rescue Oxford, said the lack of a revised timetable over the Westgate plans meant uncertainty for other traders.

He added: "Businesses in the city face new challenges and they want to know a timescale because the work can be quite disruptive once it begins.

"I believe it makes sense to redevelop the Westgate in a time of recession so that it will be ready in time for an economic recovery."

Nadia Hart, a spokesman for Capital Shopping Centres, the parent company of the Westgate Partnership (TWP), said: "While TWP is positive about the long-term prospects for Oxford as a retail destination, current market conditions do not meet its criteria for an immediate redevelopment of the Westgate Centre.

"TWP is working closely with its partners to optimise this development opportunity and will reconsider commencement when market conditions allow."

Simon Ward, a spokesman for the Westgate Partnership, added: "Sir Robert McAlpine remains the preferred contractor.

"Sir Robert McAlpine is continuing to assist The Westgate Partnership’s review of timescales. Both the Westgate Partnership and Sir Robert McAlpine remain fully committed to the project."