One place that has potential (with a bit of vision) is the old IKEA. I know the idea of an art gallery has been mooted. Personally I reckon a multi level entertainment centre of sorts would help attract loads of people, families included, to the centre. You could have indoor mini golf, a bowling alley, a space for pool tables, table tennis, darts. An escape room set up. You could have a food hall for local vendors, get some of the local breweries involved. You could have an area for live music to showcase local talent. It's pretty much equidistant between pool meadow and the train station, there's already plenty of parking nearby. There's also the cinema next door so people could make a day of visiting. Make Cov a destination for people from Warwickshire rather than the other way around.
The bridge to the canal basin needs blowing up too. Open that area up, offer incentives for businesses to open up there, an outdoor seating area at the canal basin would be a brilliant spot in the summer months for drinks. The Tin is a brilliant little venue, if it were in any other city it would be raved about but it seems to fall under the radar in Cov. A totally unique venue in the old coal vaults. Playwrights cafe has opened up there, that's a lovely little spot to grab a coffee and watch the world go by.
A lot of the time it seems Cov's issues are just piss poor marketing and promotion of itself, combined with short sighted planning.