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2 November 2010, 12:04 | Updated: 2 November 2010, 13:05
Around 100 new jobs will be created when TX Maxx opens a store in Peterborough.
The new shop will be in the old Woolworths store on Bridge Street, which has been empty since the company went out of business almost two years ago.
The store is expected to open in Spring next year.
Peterborough City Council is giving TK Maxx a £175,000 grant for the retailer to spend on fitting out the building.
The retailer indicated to the City Council that it would not be financially viable for them to open a store in Peterborough without this assistance.
It's expected that opening the new store will also safeguard a further 15 to 20 jobs in Peterborough.
TK Maxx anticipates that the new store will attract 20,000 shoppers per week, which will also benefit surrounding shops.
In addition, Peterborough City Council believes the new store will link shoppers between the Queensgate shopping centre, the existing Rivergate Centre and encourage pedestrian flow to both the North Bank and Fletton Quays development areas.
Leader of Peterborough City Council, Marco Cereste said: "This is another great example of retailers recognising the value of our considerable investment in the city centre public realm works and our continued commitment to significant growth plans.
We’re delighted that despite the challenging economic conditions, Peterborough is still able to demonstrate progress with these ambitious plans."