Changing shopping habits have led Burnley Council strategists to look again at the town centre with the aim increasing leisure and service attractions.
Out of town retail parks and online shopping have hit town centres across the country.
The regeneration work will include new paving, benches and decorative lighting, and a revised “town square” area for future events such as events and other community activities.
This will mean the removal of the “gormless” lamppost currently outside Boots, as well as the Bandstand further along St James’s Street, which is expected to be transferred to Padiham’s Memorial Park.
The growing student population in the town is expected to support more leisure and nightlife.