DOZENS of jobs will be lost at a major Basingstoke department store which is set to close next month and be taken over by Next.

Staff were told earlier this month that the branch of BHS in Festival Place will close on April 30 and they are now making preparations to clear all the stock before the doors shut for good.

Basingstoke Gazette:

The news comes as AEW Europe announced that it has secured the letting of the unit, which will become an anchor store to existing tenant Next, in the biggest leasing transaction in terms of both size and value to take place in the shopping centre in the past 10 years.

Next will significantly increase the size of its presence in Festival Place by relocating its existing store to the two-floor unit, which will almost double its floor space to 48,000 sq ft.

The new store, which is expected to open later this year, will enable the brand to better showcase its fashion, kids-wear and home ranges, and will also include a cafe.

This letting is the first in a series of asset management initiatives planned by AEW Europe, after it bought Festival Place in December last year on behalf of its partnership with Teacher Retirement System of Texas.

The initiatives also include further new lettings and substantial improvements to St John’s Square and car parking facilities.

Russell Jewell, managing director and head of private equity funds at AEW Europe said: “Securing Next as a new anchor tenant at Festival Place so soon after our acquisition of the centre clearly reflects AEW’s ability to plan and successfully execute our asset management strategy.

"This deal with Next represents the largest leasing transaction in the centre for the past 10 years and is indicative of the positive retail sentiment in Basingstoke and appetite from both international and national brands.

"We look forward to signing further deals with other leading retailers in the coming months with a view to driving footfall, dwell times and enhancing the profitability of the centre.”

Steve Ardron, regional estates manager at Next added: “The new anchor unit is in a great pitch between Debenhams and M&S. It will allow us to trade from two floors, each with direct access from the shopping centre, giving our customers an easy and more pleasant shopping experience.”

BHS declined to comment, and said it did not know how many jobs would be lost.