The retailer will open 30 stores and refurbish 25 key city stores during the year. It recently rebranded its store fascias with a more contemporary black and white logo, but has said it will now focus on improving the in-store experience.
Peacocks managing director Tim Bettley said: 'Our customers know that at Peacocks they can get the hottest fashion must-haves at the best prices on the high street. These investment plans will further endorse the fact that Peacocks is in vogue on every fashionable high street in Britain.'
Peacocks has more than 470 stores in the UK and employs more than 5,000 people. The store opening programme will launch outlets in locations including Manchester, Cardiff and Southampton, creating 500 jobs.
The company was taken private by a consortium of investors in January last year.