Oxford City Council approved plans for the Westgate centre this week paving the way for construction work to start in 2014.
Council deputy leader Ed Turner called it “fantastic news for Oxford” and said 2,500 new jobs would be created.
Nigel Wild, president of Oxfordshire’s chamber of commerce, welcomed the improvements.
He told the BBC: “We need that kind of income, we need that kind of attraction.
“Oxford desperately needs some prime retail space and prime retail outlets.
“Shopping in Oxford has been traditionally poor and we need that kind of development in order to attract people to make it a destination city.”
Building work will include an underground car park and could begin in 2014.
Turner said he was hopeful the shops and car park would open “in the next five or six years”.
The terms of the agreement are to be finalised in March.
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