Poundland will be opening its new premises this month at the site previously occupied by Next at the Banbury Cross Retail Park in Banbury.
This will be in addition to the company's existing town centre store at the Cherwell Centre.
The 12,000 sq ft store is one of Poundland’s largest and will employ around 20 people.
It will open on August 29, on the same day that Poundland will also open stores in Telford in Shropshire and Bulwell in Nottinghamshire.
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Poundland retail director Austin Cooke said: “It’s great to be able to open three stores on one day and on a bank holiday weekend too when customers can browse our PEP&CO shop-in-shops.
“The mezzanine level at our new Banbury store is perfect for our PEP&CO shop-in-shop and it will fill a gap in the market for clothing and homeware.”