Tyler said the shop had secured an option to relocate into the new site once construction is complete, if they decide to reopen.
“It’s a bittersweet moment for everybody,” he said. “Most people are aware that retail has been struggling for a number of years, and with the development of the Carillon Court, it’s become much more difficult to trade.
“But on the bright side for us, it’s a positive move.
“We can honestly say that we’re looking forward to new development that’s going to be happening in two or three years’ time.”
Tyler said the store had been “so lucky” to have loyal staff members and regular customers.
“It’s been a pleasure to serve the people of Loughborough and the surrounding community,” he said. “It’s been our lives and our fathers’ and grandfathers’ lives.
“We’ve made a lot of friends and acquaintances along the way and long may that continue until such time as we cease trading in the new year.”
Plans to demolish part of the building, submitted by Leicester Commercial Limited, were approved by Charnwood Borough Council’s planning committee in May.
Two previous applications were refused over concerns the developer had not provided enough information on how the demolition would affect Tylers and the former Green Man pub.