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Allders is planning a £8.7m refurbishment of the Arding & Hobbs department store in Clapham Junction, and will sell 10,000 sq ft of space to Persimmon for £4m for the development of residential flats.
Allders is planning to open up to 20 smaller home furnishings stores over the next four years.
Allders is planning to open a new department store at a former C&A site on London's Oxford Street next year.
Allders has identified about 120 suitable sites to open new stores, including 50 department stores, 50 smaller stores and 20 out-of-town furniture stores.
Allders is to open a department store in Leicester this summer and three home furnishing stores at former C&A outlets in the spring.
Allders is planning to expand its chain of department stores by increasing floor space by 40% over the next five years, which will involve adding about 1m sq ft.
Allders is planning to open two new At Home furnishing stores in Chester and Chichester, creating around 150 jobs.
Allders, the retailer, has agreed to sell its duty-free business to Swissair for £160m, thus ending the attempt by BAA to buy the business.