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Following months of intricate negotiations Opportunity Peterborough is delighted to confirm that discount designer retailer, TK Maxx will be moving into the former Woolworths building on Bridge Street.

A great deal of effort has gone into securing the deal with Opportunity Peterborough, Peterborough City Council and TK Maxx all working together with the owners, LaSalle Investment Management. Remedial works and shop fitting will now commence with the official opening anticipated for spring 2011.

Director of economic development at Opportunity Peterborough, Neil Darwin said: ‘This is excellent news for the city. Bringing a destination store like TK Maxx to Peterborough is proof that we have the right environment to attract big name retailers.’

He added: ‘Not only will this create up to100 jobs for the city, but it will dramatically increase the footfall and vibrancy of Bridge Street, having a positive effect on the wider city area.’

TK Maxx, famous for its ‘labels for less’ concept, is one of the largest fashion retailers in the UK and sells a range of goods from clothing to homeware. With over 260 stores across the UK, Ireland, Germany and Poland, the retailer’s move to the city is testament to Peterborough’s growth credentials.

Helen Gunter, spokesperson for TK Maxx said: “We are very excited to be opening up a new store and bringing Peterborough’s shoppers savings of up to 60% off the RRP on great brands and labels for all the family under one roof. The TK Maxx concept is simple – TK Maxx buyers shop the world all year round dealing direct with designers negotiating great deals to bring customers famous brands at a fraction of normal retail prices.

“With a modern and stylish, but no frills store environment, further savings can be passed on to customers. A typical TK Maxx store stocks an average 50,000 items with fresh daily deliveries bringing up to 10,000 new items to store every week so customers will always find a constantly fresh and exciting mix of top brands and great quality at the lowest prices, every time they visit.”

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.’