TK Maxx and Marks and Spencer agree Luton deal

The redevelopment of Luton's Mall received a welcome boost after TK Maxx and Marks and Spencer agreed leases for St George's Square.

Marks and Spencer will relocate to the square from its existing store and TK Maxx will take 38,000 square feet of the new development, the Retail Bulletin reports.

John Wood, retail development manage at The Mall, revealed that the development, which could be completed as early as next autumn, would provide retailers with a unique opportunity.

He said: "We are very excited by our plans for Luton which, subject to receiving approval from Luton Borough Council, could see us committing over £170m to the development of The Mall Luton.

"The commitment of major national retailers such as Marks & Spencer and TK Maxx also indicates that they share our confidence in Luton as a major retail centre."

He added: "Both our Christmas footfall figures, which showed a 9.2 per cent increase across our portfolio, and these recent lettings suggest that although retailers are cautious, where there is an opportunity, it is one that will not be ignored."

On completion of the redevelopment The Mall will become one of the largest shopping centres in the UK.

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