TK Maxx in Cheltenham set for expansion
TK Maxx is set to expand by 30 per cent – it has been revealed.
The cult store – with its "big labels, small prices" trademark – hopes to take on a third more space on its prime first floor location in Cheltenham's Regent Arcade.
The shop, which sells clothes, footwear, bedding, furniture, jewellery, beauty products, toys and housewares, is taking over seven neighbouring units.
Its expansion marks a huge vote of confidence in Cheltenham as a top retail centre. It is likely to relaunch between January and February next year.
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TK Maxx's head of communications Helen Gunter said: "We're absolutely thrilled to be offering the people of Cheltenham a bigger and brighter store.
"We want to give local shoppers more choice and more designer labels.
"The store will be 8,000 sq ft larger with a wider range of departments. There will be no change to our exciting shopping experience giving customers savings of up to 60 per cent off the recommended retail price on all their favourite high street and designer brands across fashion accessories and homeware."
The news follows hot on the heels that fashion giants H&M will open in Regent Arcade in the spring.
Richard Ralph, senior surveyor with DTZ, managing agents for the Regent Arcade, welcomed the "exciting" move.
He said TK Maxx was bucking the current trend.
"A Local Data Company report out today says nearly 15 per cent of all high street units in Britain are vacant," he said.
"But often the shops are all too small and there's a shortage of decent-sized spaces. Because of Regent Arcade's flexibility we have been able to accommodate that and give stores more space. Now TK Maxx is going to expand by 30 per cent and become one-third as big again.
"Most of the units at the side of the store are currently vacant, enabling it to expand right up to the old Sony Centre, so its frontage will be right at the top of the first floor escalator.
"With BHS at one end and H&M and River Island opening at the other end, TK Maxx will be one of the anchors of the arcade. The Regent Arcade is becoming a major centre for big name brands."
Five of the seven units being taken over are vacant and negotiations have concluded with the two current tenants. TK Maxx employs 27 staff and will be recruiting more.