The £150m regeneration project will see the Riverside shopping centre bulldozed and the construction of a 225,000 sq ft complex to be integrated with the Darwin and Pride Hall centres.
The proposals drawn up by the UK Commercial Property Trust will see the town get a 95,000 sq ft department store, 50 new shops, 10 restaurants, offices and a 300-space underground car park.
The shopping mall will be covered by a glass, petal-shaped grid shell roof, similar to designs at Cabot Circus in Bristol and Trinity Leeds.
Subject to planning consent being achieved and the signing of pre-lets with tenants, the 480,000 sq ft retail redevelopment is due to open its doors 2016.
The developer said that Shrewsbury had significant potential as a retail destination, with a large, affluent catchment area where no new retail space has been built for the past 20 years.
Christopher Hill, chairman of UKCPT, said: “The New Riverside project in Shrewsbury is a significant project for UKCPT, and a transformational scheme for the town.
“In conjunction with its development manager, Shearer Property Group, UKCPT has a wealth of expertise and experience in active asset management of retail property.”