The retail sector may actually be one of the better choices. This timeperiod had a decent economy and may actually help financially advance the town and citizens. This would enable much better schools, offices, and a grander city hall to be built later.
Of course, this may also take time. It is a longterm project, and certainly not an easy one. However, with the citizen's best interests in mind. The retail center would offer, most likely, a similar influence as a town hall though without the same political influence, which may be good or bad.
I mentioned the economics before, but once more, this can be good or bad. For a while it may help, no doubt. But their is always the possibility a larger retail outlet may devastate smaller businesses and, in turn, do more damage then it is worth. Not to even mention the fact it may disrupt a traditional feel which much of the city still holds. This may upset many citizens.
But of course, it is all possibility. :s