There are reports shots have been fired in the Jewellery Quarter area of Birmingham.
ITV News Central has been told armed police are in the area.
West Midlands Police have confirmed they have been called to an incident on Spencer Street.
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He demanded the money after placing a carrier bag containing what appeared to be a heavy object on the counter.
Closures will be in place on the Aston Expressway, Park Circus and Salford Circus. There will be some full weekend closures and diversions.
West Midlands Police have said specially trained police negotiators are speaking with the woman to try and talk her down to safety.