Two new restaurants will replace four shops in a retail park.
TGI Friday's and Homebase, in Pentavia Retail Park, Watford Way, Mill Hill, are due to close later this year.
Argos closed earlier this week and a Comet store shut down two years ago after the company into administration.
The Marks & Spencer petrol station will not be shut as part of the revamp.
The names of the two restaurants have not yet been confirmed.
John Gillett, chairman of the Mill Hill Neighbourhood Forum, said: “I think it’s going to be a great thing for the area and I am happy to support this application.”
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