Developer Wilson Bowden is backing The Crescent scheme as part of the The Tin Hat Regeneration Partnership, a joint venture between Centenary Ashcroft, Sainsbury’s and Cineworld.
Work on the Leicestershire town scheme is expected to start in 2012 and is due to be completed by 2014.
Stuart Bray, leader of Hinckley and Bosworth Borough Council, said he believed the redevelopment would transform the town.
“There will also be a bowling alley, new cafes and restaurants, 18 new shops and a car park,” he said.