B&M will be opening in Fareham on March 17, replacing the former BHS unit.
It will create 40 jobs for people in the area.
Councillor Sean Woodward, leader of Fareham Borough Council, welcomed the opening and said it was important for empty units to be filled.
‘This is very good news because that end of the shopping centre where BHS was is a huge unit and shouldn’t be empty,’ he said.
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‘B&M is a very popular store and I am delighted to welcome them.’
The date of the new store comes in the same week Marks & Spencer revealed they could be closing their Fareham store.
The closure is part of M&S’s programme to modernise its business ‘to better meet the changing needs of customers’.
Cllr Woodward added: ‘When a store closes it is bad news but when one opens, that is good news. B&M opening is a big opportunity that is very positive for Fareham.’