Supermarket group Asda is set to build a 45,000 sq ft superstore on the Isle of Wight, subject to planning permission.
Complete with a café and petrol station, the proposed development will be built on land acquired from the local authority at St George’s Way in Newport.
The local council said economic regeneration is a key priority and welcomed the news that the grocer plans to create up to 450 retail jobs with the new store, which will be its first on the Hampshire island.
Councillor George Brown, the Isle of Wight Council cabinet member who is responsible for the economy, said: “Not only have we secured a very healthy capital receipt for the land, we have also attracted a quality national retailer that is prepared to invest heavily in the local economy.
“As well as providing consumers with more choice, Asda’s arrival also has considerable potential to open up lucrative new markets for local suppliers and provide welcome and significant employment opportunities for the island’s workforce.”
“We had a number of offers on the table and we are confident Asda’s proposal is the right one for the island.”
Local residents will have the opportunity to comment on the plans at a public consultation in the first quarter of 2011.
Penelope Seely, 26, whose family live on the island, told Retail Gazette that the store will probably be a positive thing for the thousands of tourists who use the Isle of Wight’s self-catering accommodation, but local businesses may suffer.
“Independent shops will find it difficult to compete on price and convenience,” she added.