Nottingham City Council and Broadmarsh owners intu have agreed a £150m deal to re-generate the Broadmarsh Centre and the surrounding area.
ITV News Central rounds up how our region's shopping centres have fared over the Christmas period.
Loughborough and Leamington Old Town are to receive backing from the Government to rejuvenate their High Streets
The Broadmarsh and the Victoria shopping centres in Nottingham have experienced a high footfall of customers during the winter sales period, according to Adam Tamsett, from the Broadmarsh Centre.
The centres have seen four million people through the doors during the sales, with the most popular items being electronic goods and onesies.
Shares for Leicester-based fashion and home ware retailer Next are at an all time high after the firm announced it expects to record bumper profits for the Christmas period.
Sales across its stores leapt 7.7%, while it said revenues surged by 21% in the Next Directory catalogue and online division.
Profits at the firm are forecast to overtake high street competitor Marks & Spencer for the first time in history.
Next now has a stock market value of more than £9 billion after seeing shares rise by nearly 50% in the last year, compared with £7.2 billion for its 130-year-old rival M&S.
Plans to revamp one of Derby's shopping and business districts have gone on display to the public today.
The city council is planning to spend £1million to redevelop St Peter's Cross, which it says will make this part of the city more vibrant and draw in businesses and visitors.
Latest figures show 238 town centre shops closed down in the East Midlands in the first half of this year.
The study by PriceWaterhouseCoopers also suggests traditional retailers are being replaced by food, drink and entertainment units.
The Black Country Chamber of Commerce says that the key to retail success in the Midlands is innovation.
If you're rushing round the shops today getting your last minute Christmas presents, don't forget a few simple things to make life easier, if the gifts don't turn out as planned.
Here are some tips from Trading Standards
Keep your receipt
Check the shop's policy on 'unwanted gifts' before paying
Return faulty goods as soon as possible
Contact the retailer rather than the manufacturer as your first step, as it is the seller who is ultimately responsible for faulty goods
The Old Town of Leamington is one of 27 other towns across the UK to have been awarded a Portas Pilot. It means it will get a share of £1.5 million to spend on reviving it's Town Centre and High Street.