Planning permission has been submitted on behalf of US clothing retailer TK Maxx, who is set to open a store in the heart of Derby, on Albion Street.
Operating across a total of 407 stores throughout Europe, TK Maxx offers clothing, homeware and giftware, as well as designer labels at affordable prices.
In addition to their premises at the Kingsway Retail Park, the new Albion Street store will see three existing units merged to provide a retail experience across both ground and first floors, totalling 18,000 sq ft.
Following planning approval, refurbishment works will commence in late Spring 2017, with fit-out works to be carried out in late 2017/early 2018. The store, which will create 35 jobs in the city, is likely to be trading by late 2018.
Albion Street is a key street in the city centre’s retail offer, with significant footfall between intu Derby and the St Peters Quarter, of which the street is part.
Redefine International, a FTSE 250 UK REIT, purchased the east side of Albion Street in 2016 with plans to create a space suitable for an anchor fashion retailer, and were supported by Marketing Derby and Derby City Council in securing this latest investment.
Martin Rawson, Deputy-Leader of Derby City Council, said:
“We welcome the news of further investment on Albion Street. The St Peters Quarter, of which Albion Street is part, was identified in the Derby City Centre Masterplan as a key site for regeneration.
“This investment to help reinvigorate this area announced since businesses voted to reinstate the Business Improvement District. The City Council will soon be investing in the public realm in and around the area as part of those improvements.
“Our officers worked closely with Redefine International and Marketing Derby to help secure this investment for the city.”
John Forkin, Managing Director of Marketing Derby, said:
“This new investment will act as a magnet for other retailers, enhancing Albion Street as a destination for retail in the heart of the city.
“With the intu centre attracting 23 million visitors a year, and the Cathedral Quarter receiving the 2016 Great British High Street Award, Derby’s retail offering is proving resilient strong. It’s great to see more investment coming helping to lift the St Peters Quarter.”