The St Matthew's Quarter project in has signed up budget retailer Poundland as its latest tenant.
The Willenhall-based chain becomes the second company to agree a deal for space in the next phase of the retail and leisure scheme being led by regeneration specialist following a deal with B&M.
Norton and Proffitt Developments, a joint venture between St Modwen and Goold Estates, was granted planning consent for the 11-unit retail and leisure development at the southern end of Walsall's main high street in May.
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Poundland has taken an 8,900 sq ft unit on a ten-year lease.
The firm's head of portfolio management Ben Wall said: "Poundland has grown significantly over the past 12 months and we're delighted to see this expansion continuing with another store in Walsall.
"The existing stores have been very popular with local shoppers and we are confident this store will be just as successful. We're looking forward to opening our doors."
Mark Watkins, senior development surveyor at St Modwen, added: "The lettings to Poundland and B&M are a brilliant start for our new development of shops, restaurants and leisure facilities at St Matthew's Quarter.
"We have been encouraged by the interest from retailers as well as restaurant and leisure operators."
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The retail and leisure development is part of Norton and Proffitt's wider £90 million regeneration of St Matthew's Quarter which will create 90,000 sq ft of new retail and leisure amenities in Walsall's town centre.
Dominic Goold, of Goold Estates, added: "Poundland and B&M getting on board marks the beginning of the next phase of the St Matthew's Quarter project which continues to transform this area of Walsall."