The new owners of the Arndale in Morecambe have moved to quash fears for the shopping centre’s future after its flagship store announced plans to close.
New River Retail, who bought the Arndale in a £14m deal just before Christmas, said they still planned to invest “considerable funds” in the centre, despite the loss of Tesco.
The long standing and popular Tesco store in the Arndale, which employs 45 people, will close on April 4.
A spokesman for the London-based New River Retail said: “We remain confident in Morecambe following our recent investment.
“Tesco was not the reason we chose to invest in the town.
“We have ring-fenced considerable funds to refurbish and update the Arndale as well targeting new additional retailers.
“We are engaged in discussions with Tesco and potentially interested parties for their existing unit.”
Tesco last week announced plans to close 43 unprofitable stores across the country, including Morecambe’s.
Staff are currently in talks about their futures.