GREENWOOD, Ind. -- Cabela's Inc., a large retailer of hunting, fishing and outdoor gear, has put construction of a Greenwood store and several others on hold, citing difficult economic conditions.

The Nebraska-based company had planned eight store openings in 2008, but officials said they now plan to open only two new stores this year, and neither will be in Greenwood. Preliminary work had already begun on a large parcel of land just east of Interstate 65 in northern Johnson County.

In a financial statement released earlier this week, the company said it intends to focus on improving the profitability of its existing operations. Company officials cited a "challenging retail environment" for the decision to shelve the Indiana store indefinitely.

"I wouldn't say that it was anything that's Greenwood-specific. It's our entire retail expansion plan that's being slowed down, so it wasn't anything specifically related to Greenwood," said John Costillo, a Cabela's spokesman.

Cabela's planned to employ as many as 250 people at the Greenwood store. Johnson County officials offered $18 million in municipal bonds to Cabela's to build the store on 100 acres.

"Cabela's owns the bonds and they have the risk of the bonds," said Brent Corey, a member of Greenwood's city council.

A Louisville, Ky., developer recently announced plans to build a water park, a movie theater, a grocery store and other retail outlets near the site. It wasn't clear whether Friday's news about Cabela's would change the developer's plans.

Christian Maslowski, of the Greater Greenwood Chamber of Commerce, said he hopes Cabela's decides to build at the Greenwood site eventually. He also said he'd rather see Cabela's make the decision it did Friday rather than watch it open and then close.

"I'd be more upset over an empty building and 200 unemployed residents than a delay in the project," Maslowski said.

A spokesman for Gander Mountain, a similar retailer that sits across I-65 from the would-be Cabela's site, said he wasn't upset at all.

"We've been competing against Cabela's for years, and it's just part of doing business -- they open stores, we open stores. I can't tell you that I'm disappointed with the news," said the spokesman, Wes Leuck.