Bargain Buys is to replace B&M at Penicuik Shopping Centre, it has been confirmed.
The store is part of the Poundstretcher group, which has more than 400 stores across the UK. It is to open in the unit vacated by B&M earlier this year after agreeing a minimum five-year lease with owner Evolve Estates, part of the LCP Group, the national commercial property and investment company, for the 16,350 sq ft premises.
Joe O’Keefe, director of Evolve Estates, said it had committed around £300,000 of investment works to the unit and incentives to secure the retailer, which could open in the unit as early as this summer.
He said: “We are delighted to announce that Bargain Buys will be our new anchor store at this popular town centre shopping centre.
“It is testament to our commitment to investing in our portfolio that we have attracted yet another strong retailer in what are challenging times for the retail sector.”
In addition to investing in improvements for Bargain Buys to open, Evolve Estates has also pledged a further £1.5 million in Penicuik towards other developments subject to planning permissions being granted by the local authority
“We have been in dialogue with the local council for some time now about our plans,” said Joe.
“Thankfully officers and council officials support the fact that we are investing in the town and we will be hosting a public consultations on our redevelopment plans for Penicuik Shopping Centre, just as soon as we have more definitive proposals in place – hopefully no later than September,
“The area is in obvious need of regeneration and Evolve Estates is keen to be the catalyst to drive these improvements, to create a shopping centre in Penicuik that the shoppers and retailers can be proud of.”