Times Square will be given a refit after years of speculation over its future.
The regeneration is expected to attract some of the biggest names on the high street.
As part of the makeover larger store spaces will open up, and a new entrance will be built at the station-end of the building.
The owners are also weighing up whether or not to build a gym and fitness centre on the site.
Times Square manager Noel Bergmann said: "The centre has been at the heart of shopping in Sutton for more than three decades
"But if we are to attract top high street retailers and provide an attractive, enjoyable shopping experience, it needs to undergo a facelift"
Times Square is based at 100-106 High Street Sutton, and is the borough’s largest retail space.
The regeneration drive was given the green light on Wednesday, June 11.
Planning committee chairman, Cllr Richard Clifton, said: "This is a high quality design that will improve an important site within our town centre, at a time when high street retailers are facing tough competition.
"The refurbishment of Times Square will bring some vacant space back into use and this will in turn generate jobs and wealth for the community."