It will open in the new development at Stadium MK, joining retailers such as Marks & Spencer and Primark.
Sir Philip has been closing some of his Bhs stores to reduce costs. He sold the lease to its Aylesford store in Kent to Irish toy chain Smyths Toys recently. He sold 10 Bhs stores in January 2010 to Primark and has held talks to sell another batch but no deal has yet been done.
He is also moving Arcadia brands such as Dorothy Perkins, Burton and Evans into existing Bhs stores to save rent by closing the smaller shops where leases are coming to an end.