THE developers of Burnley’s new £70m shopping centre are set to sign up two “prominent” High Street names by the end of the month – despite several retailers falling prey to the credit crunch in the last month.

The Lancashire Telegraph understands that developer Henry Boot is about to close negotiations with the pair of major retailers, believed to be Primark and Next, to ‘anchor’ the town centre Oval site, following lengthy discussions.

Securing two big High Street stores in a time of economic uncertainty would be seen as a major coup for Burnley, which last year saw the £250million Weavers’ Triangle project shelved.

It could also mean the creation of up to 200 jobs as Next and Primark are expected to fill two larger ‘anchor’ units at the Oval site in Curzon Street.

The expected move comes as Woolworths in Burnley has closed, Marks & Spencers announced it would be cutting 1,230 jobs nationally and Mercers, Blackburn’s oldest shop, announced its closure.

Burnley Council leader Gordon Birtwistle said he was delighted the shopping centre plan was developing.

He said: “This is brilliant news, considering the current economic climate. It is a concern for everyone but Next and Primark can see the benefit of investing in Burnley.”

Mike Damms, chief executive of the East Lancashire Chamber of Commerce, added: “It would be nice to see the Oval development come forward and be anchored by two major stores, especially as the public perception is that major retailers are suffering.”

Manchester-based Henry Boot, which is heading up the Oval development, has said it will only comment when retailers have signed up.

However, it is understood that talks with Primark and Next have been ongoing since last summer and should conclude by the end of the month.

When finished, it is hoped the Oval, set to be built on the old Pioneer site, will help regenerate and bring more shoppers to Burnley.

Primark confirmed talks with Henry Boot were ”ongoing” but refused to reveal its plans.

Next was unavailable for comment.