Property development firm, St Modwen is planning to invest £80m in the revamp of the Leegate shopping centre in South East London, including a new Asda store and 400 jobs.
The once-popular Leegate Centre was built in the 1960s but, 50 years on, lies mostly underused, with around half of its 20 units lying vacant and others struggling.
St Modwen's senior development manager, Killian Morris, explained, 'The trend has really moved away from carrying out shopping trips in small district centres.'
He added, 'What we're left with is something that's simply too big. It's got too many shops, too many empty shops and it needs a radical rethink.'
The company says a new Asda - which was up against fellow bidders Morrisons - in the new complex will act as an 'anchor' for the site, attracting other tenants.
St Modwen is in discussions with gym chains for a first floor outlet facing on to the crossroads, while a child tuition centre is also expected to move in.