WADEBRIDGE has failed in its bid to become a Portas Pilot town after the latest round of applications.
If it had been chosen under the Government-backed scheme, the town would have received £100,000 to improve the centre plus advice from retail guru Mary Portas.
Camelford is another town which has been told it too has lost out this time.
The Wadebridge application was led by the chamber of commerce and was supported by the town council and the Wadebridge Renewable Energy Network.
In the first round of Portas Pilot applications, Liskeard was among 12 towns in the UK to be chosen and last month Mary Portas was in the South East Cornwall town with a film crew offering traders advice on how to improve their businesses.
Wadebridge Chamber of Commerce is now concentrating on its efforts to employ a salaried town centre manager to help bring trading opportunities and prosperity to the town centre.
Deputy chair of the chamber, Sarah Prosser said although members were disappointed, the chances of Wadebridge becoming a Portas Pilot town had not been great.
"We knew we only had a slim chance of winning it, but on the positive side, it was a good exercise in bringing key groups together to look at what is needed and what can be achieved in the future,'' she said.
Mrs Prosser felt funding a town centre manager for Wadebridge was now the primary objective.
"A town centre manager is vital because we can't afford to lose out on the funding opportunities and other benefits someone in that job will bring to Wadebridge.''
She said one of the aims in the future was to make Wadebridge nationally known, something that neighbouring Padstow had already achieved with the Rick Stein factor.
"Most people like coming to shop in Wadebridge and they think it must be thriving, but it's all to do with footfall, and getting more people here to support our shops and businesses,'' said Mrs Prosser.
The chamber needs funding support from Wadebridge Town Council but they are worried about using taxpayers' money to help pay the manager's wages.
The plans will be discussed further next month.