Creasey's has announced plans to expand its department store in the heart of Town, using the former HSBC building.
If plans are approved, the business will build new floors at 13 High Street so it can be incorporated with the rest of the store later on.
The facade looking out to sea will also be updated.
Three escalators are going to be installed, and the top floor cafe will be rebuilt into a coffee shop and restaurant.
The plan is to open up the store using the former bank making everything more customer-friendly.
“This is a massive, multi million pound investment which will carry our business into the next few decades. Everyone knows how tough retail is at the moment, but we could not resist the opportunity presented by the closure of HSBC’s branch at 13 High St," Peter Creasey, Managing Director of Creasey's, said.
"We know a lot of shopping is now done on line, but we also know that many islanders and visitors still enjoy the social experience of a visit to town. We absolutely believe in the future of the High St and we will be looking to make shopping and spending time in St Peter Port a really satisfying experience.”
Mr Creasey also said the new space would allow them to introduce more services, which "could include hair dressing, nail bars and beauty rooms".
"The changes will also help Creasey’s address many of the difficulties experienced by those with mobility issues. Floors will be step free and the lift and escalators will make visiting any of the floors easier for everyone," he added.
The plans have already been in the works for several months, with preliminary meetings with the Planning Department having already taken place, and an application now having been submitted. Work is not likely to start until the middle of next year though, and it is expected to be opened in 2021.
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