The store received planning permission in December 2015 despite opposition from Banbury Civic Society and Banbury Town Council about its out-of-town location on Southam Road.
The scheme for the 3,695sqm supermarket with 220 car parking spaces was put forward by Mondelez International and Barwood Capital.
A Waitrose spokesman said they were waiting for word from the developers as to when they could get on the site.
Once finished, it is hoped the store will create around 200 new jobs for Banbury.
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The news follows recent reports that Waitrose planned to cut almost 700 jobs, close five stores, which were underperforming, and restructure its management.
But the chain plans to open eight new stores this year.