The project, which will be developed as a joint venture between Rokeby Developments and Peveril Securities, will cost £20 million to build and sit on a 3.6 ha site next to the town's 6,875 sq m Morrisons store.
It will be made up of 9,760 sq m of retail space and 3,300 sq m of leisure space, including a five-screen cinema. There will also be a residential portion of the development.
South Derbyshire District Council chief executive Frank McArdle said: "The developers have worked hard with the officers of the council to avoid a clone town scheme. It will be a major regeneration catalyst."