A FORMER Woolworths in a prime high street location is set to be taken over by retailer Argos.

It is understood negotiations between the company and Waltham Forest Council, which owns the large retail space next to the library in Leytonstone High Road, are at an advanced stage.

The empty store has recently been opened for a number of community events and exhibitions which have attracted thousands of visitors.

Artist and Leytonstone resident Sally Labern is not happy that Argos is set to take over the site.

She said: “I am disappointed because the events we have done were so successful and showed that people are ready for an arts space that is accessible.

“I hope it doesn't happen. When you look at the situation of retail in Leytonstone compared with other areas, I think there have been some mistakes in the economic positioning of many of these shops.

“The shops don't reflect the people living in Leytonstone. There are lots of professionals and I think the council should have been more ambitious.” But Liberal Democrat leader John Macklin welcomed the deal.

He said: “Argos are the ones most likely to take the space at the moment. I am reasonably optimistic, although you can never be sure until people sign, but I am positive about it.”

The news comes as the former Woolworths in Walthamstow was re-opened yesterday as a Wilkinson store, also selling budget goods.

Lib Dem High Street ward councillor James O'Rourke, who attended the opening with Waltham Forest Mayor Cllr Anna Mbachu, said he is delighted to see the creation of more than 100 jobs - 86 of which going to the registered unemployed.

Wilkinson received 4,500 applications for vacancies and four jobs were given to former Woolworths employees.

He said: “I think it is fabulous and it will help with the regeneration of that end of the High Street.”