NewRiver REIT has submitted a planning application for a new 24,000 sq ft Aldi store at The Deepings scheme in Market Deeping.
The plans include the comprehensive refurbishment and repurposing of the former Poundstretcher unit to create a new store for the grocery discounter.
The proposed redevelopment includes the removal of the existing first floor structure, the creation of a new delivery bay and loading facilities, external building improvements, new customer entrances and glazing, car park enhancements and the installation of rooftop solar panels to improve the building’s environmental performance.
Subject to planning approval, works are expected to commence in early 2027 with Aldi targeting an opening in 2028. Aldi has agreed a 20-year lease on the unit.
Will Wood, asset manager at NewRiver, said: “At NewRiver, we are focused on creating thriving, convenient destinations that serve the everyday needs of local communities, and provide locals with greater choice and value. Bringing Aldi to Market Deeping would be a great example of that strategy in action, creating a much-needed supermarket offer and breathing new life into The Deepings as part of our asset management strategy for the centre.
“This proposal represents a significant investment in the town centre and demonstrates our commitment to actively managing and improving our assets to meet the needs of local communities. Aldi is one of the UK’s most successful retailers and an excellent fit for The Deepings, creating a stronger retail offer while increasing footfall and supporting local businesses.”
Mark Stringer, real estate director at Aldi, added: “We’re really excited about the opportunity to bring Aldi to Market Deeping. We know that local residents have been asking for an Aldi store in the town for many years, so it is fantastic to now be bringing forward proposals at The Deepings. We believe The Deepings is a great location for a new Aldi store, complementing the existing retail offer, supporting footfall into the town centre and giving local people greater choice, convenience and value.
“The proposed new Aldi store represents a significant investment in Market Deeping and would create up to 40 new local jobs, while giving residents easier access to Aldi’s award-winning range of high quality, affordable groceries. Alongside creating up to 40 new jobs, this would mean more residents can shop with Aldi closer to home.”
