The new Bullring has helped to push Birmingham into the top three shopping centres in Britain, according to a new survey.
The Bullring was Europe's largest retail regeneration project
The city has moved up 10 places and is now just behind London's West End and Glasgow, according to Experian.
Developers of the shopping centre want to continue the city's success by converting the landmark Rotunda into luxury flats.
The Birmingham Alliance said the plan would be fit for such a unique place.
The company, which is behind the Bullring, is teaming up with Urban Splash, the company involved in the redevelopment of the Fort Dunlop site, to revamp the Rotunda.
Work on the project could start by the end of this year.
Millions of shoppers have passed through the doors of Bullring since the retail and leisure centre launched with a fanfare and fireworks last September.
The development was Europe's largest retail regeneration project and lured a host of top fashion names, including anchor stores Selfridges and Debenhams.
Dudley's Merry Hill centre has slipped three places in the 2003/2004 table from number 16 to 19, according to the new survey by the financial information company.