The company will be taking over the former Debenhams unit which has lain vacant since May last year after the historic company went bust.
As part of the changes, Marks and Spencer said it will be closing its existing town centre store on High Street – although it will remain open until work at the Ravenside Retail Park site is completed and ready to open.
The move, which was announced on Wednesday, will allow Marks and Spencer to offer a wider range of products across its Food and Clothing & Home departments.
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Colleagues working in the current Chesterfield store will have opportunities to redeploy to the new store or another store, according to the retailer.
The new store will also create more jobs within the town due to its enhanced size.
Craig Baldock, Regional Manager for M&S said: “We’re excited to announce our plans to open a brand new, larger M&S store at Ravenside Retail Park, which will offer local customers in Chesterfield a much bigger range of M&S products across our Foodhall and Clothing & Home departments.
"The new store will be finished and open to customers later this year.
“In line with the expansion, our existing Chesterfield store will close once the development is completed with colleagues moving to work in our new store or other nearby stores.
"We appreciate this may be disappointing news for some, but we believe this is the right decision to ensure we can deliver the very best M&S offer for customers in Chesterfield and the wider local area. We will keep the community updated as the works progress.
“Shopping habits are changing, so we’re rotating our store estate and this investment in Chesterfield is part of our work to ensure we have the right stores to offer our customers a brilliant shopping experience.”
Chesterfield Borough Council approved a variation of planning conditions attached to the old Debenhams store last year to allow the sale of ‘food retail goods’ across 1,898 square metres of floorspace.
However, Marks and Spencer remained tight-lipped amid speculation it was moving into the prominent unit – despite announcing it was to open shops at other former Debenhams units in the UK.