The former location of Borders book store, 12 - 13 Market Street, is due to be occupied by TK Maxx, a discount retailer, in the coming months

The new, three-storey store will become one of the largest in the area, alongside such retailers as Marks & Spencer, Monsoon, and Fat Face.

Among students, there is both residual disappointment at the closing of Borders and excitement at the prospect of a cheap clothes retailer in the centre of the city.

According to one English student, "although I enjoyed taking a copy of Sartre up to Starbucks for the afternoon, it’s good that some less expensive shops are opening in central Cambridge."

A second-year History student was more disappointed at the prospect of reduced space for reading and lounging. "This just means that there is one less place in the town centre were you can hang out and read a book. It seems that there are already too many clothing stores."

He added, "I was sad to see Borders go."

Some, however, are apathetic: "Times change", says James Buckley, an engineering student.

The site is unusual in offering a relatively large degree of floor space in such a desirable area, with TK Maxx providing what Tim Hance, Head of In-Town Retail, describes as a "lively addition to a busy trading area".

Barry Robinson, Vice-Chairman of Cambridge Retail and Commercial Association agrees: "Every empty shop is dead space so anything that fills that gap is good."

Accroding to Property Magazine International, TK Maxx has taken on a 15-year lease on the location, and expects to pay £650,000 per annum in rent.

Known for its "no frills" policy, TK Maxx specialises in buying up designer clothing, before selling it on at considerably lower prices. Customers are attracted to its low prices and wide variety.

The store will be the retailer’s second in the city, supplementing an existing store at the Beehive centre. The new location is expected to provide fifty new jobs.

Borders UK went into administration last year, after losses of over £25 million, largely due to out-competition from high street rival Waterstone’s and online retailers such as Amazon.