Jim Hakewill said Kettering was better placed for investment than almost any other similar town as discussions were in progress over offers on the premises.
He revealed that two companies had expressed an interest in taking over the former Woolwo
rths property.
He said: "The fact is the town centre is holding its own in relation to other similar towns across the country.
"The difference with Kettering is that we are exciting potential investors. We have a vision that will attract investment. The other 99 per cent of towns don't have such a positive vision.
"A retailer will not invest until a town is going places – and I think Kettering is."
The council plans to divide the town into eight zones, with different kinds of development in each.
But the planned regeneration of the town centre, which includes the corner of Horsemarket and Market Street, may have also jeopardised council plans to turn a former carpet shop into an antiques unit.
Cllr Hakewill said: "We are still discussing the options with interested parties. It's clear that while we want this to happen, the people who are interested perhaps need a longer-term interest than our regeneration plan allows."
Council plans to give over empty shops to community organisations are also yet to bear fruit due to questions over how they will be funded.
Cllr Hakewill denied the council's plans for empty shops were dead in the water.
He said: "They are developing, but both sets of parties have to be comfortable that it's viable and that takes time. I expect that we will hear some news in the next two to three weeks."
The amount of empty shop floorspace in Kettering has almost doubled over the past year.
By the end of April there were 37 empty shops, equal to 7.99 per cent of the total floorspace.
It is believed that Costa Coffee has made an offer on 22 Gold Street
