There had been speculation that the retail giant would open in the new town centre development but tonight the chain revealed that it would be taking over the Co-op store in Broadmead Lane.
All 84 employees at the shop will be given the opportunity to join Waitrose and become partners in the John Lewis Partnership. Waitrose also plans to create additional jobs at the branch.
As partners they have a stake in the success of the business, a say in how it is run and a share in profits.
Nigel Keen, director of development at Waitrose, said tonight: “The Co-operative will continue to trade as normal until 27th February 2014. It will then close for approximately three weeks to allow the shop to be converted and for the employees to receive their inductions as Waitrose partners. We expect to open the new Waitrose in March next year.
“Waitrose is keen to play a positive role in the local community and we will be launching our Community Matters and Partner Volunteering schemes at the branch to support local causes.
“Community Matters will see Waitrose Keynsham donate £1,000 between three causes every month that have been nominated by our customers. In this way we will donate £12,000 between 36 local causes each year that are at the heart of the local community.
“Through our Partner Volunteering scheme, our partners will also donate 250 hours of their paid time to supporting community projects each year.”