Discount supermarket firm Aldi expects to start preparing the site for its new store in St Ives “in the coming months”.
Aldi was given the go-ahead to build the new outlet by Huntingdonshire District Council's development management committee last month.
It will build the shop off Needingworth Road and opposite the recently-opened Morrisons supermarket.
The firm already operates stores in Huntingdon and St Neots and the move means that St Ives shoppers will no longer have to travel if they want to use one of the German-based discount outlets which have seen a huge surge in popularity, putting Aldi hard on the heels of top four chain Morrisons - with some figures suggesting it has already overtaken its rival.
A spokesman for Aldi said: "We are pleased to have received planning permission to bring an Aldi store to St Ives and are grateful for the local support.
"Once open, the store will create up to 40 jobs and help local people shop and save closer to home."
The spokesman added: "We hope to begin preliminary site preparations in the coming months and will keep the community updated on developments."
The store is being built on land which used to be part of the English Chicory factory, a landmark building in St Ives, until it met a fiery end in the TV show London's Burning.
There have been concerns about the impact of traffic from the store pulling out on to Needingworth Road in addition to vehicles using Morrisons.
The district council deferred making a decision on the supermarket plan after it was submitted last year, saying they needed more data on traffic movements around a proposed double roundabout designed to serve the site.
When granting planning permission, councillors insisted that Aldi should contribute up to £170,000 for a toucan pedestrian crossing on the A1123 which will serve the store.
A car park with 126 spaces is included in the application.
Aldi has described the design of the store as "innovative and distinctive" and of high quality.
The edge of town area has become popular with the construction of a new pub and Morrisons, together with McDonalds, Subway and Costa nearby.