Stores at Elliott’s Field will begin to close this week as its redevelopment starts to get underway.
Work is due to start on the £35 million upgrade later this month. The new retail park off Leicester Road should be completed in time for the Christmas shopping period in 2015.
Hammerson, who own Elliott’s Field, has secured new tenants including Debenhams, Outfit, Clarks, TK Maxx and M&S in place of existing ones.
The new M&S store will be triple the size of the High Street branch which is closing.
Tom Cochrane, development manager at Hammerson, said the retail park’s current stores were being relocated but Next would return after the completion of the redevelopment.
He said: “Elliott’s Field is a project we are very proud of.
“We have secured some big names in retail at a difficult economic time and we are looking to sign up other retailers in the near future, so it’s a case of watch this space.”
Pets at Home, which is currently at Elliott’s Field, will cease trading today.
The retailer has confirmed it will open a new store in 2015.
Sam Morgan-Smith, area manager for Pets at Home, said: “The decision was certainly not made lightly but unfortunately, the landlord’s new vision for the park does not see a place for Pets at Home.
“It is therefore with regret that we have to close this store.
“We are keen to ensure local pet owners don’t miss out on Pets at Home’s unique product range and customer service, so we are delighted that plans are underway for a new store in Rugby.”
A 5,570 sq m (60,000 sq ft) Debenhams store will anchor the redevelopment and it is expected to create around 120 new full and part-time jobs in the area.
The full-line store will offer cosmetics, womenswear, menswear, homeware and a café/restaurant.