The new Bargain Buys store will be operated by the same company behind popular knock-down price retailer Poundworld.
It will be officially opened by the Mayor of Sandwell Councillor Mr Derek Rowley on Thursday.
He hailed the move saying it was a 'fantastic thing' for the area.
Councillor Rowley said: "We of course welcome new business in the area because it means new jobs which is always a good thing.
"The fact that it is a bargain shop is also good because it will be great for residents who don't have access to a lot of disposable income, as they will be able to buy many of the things they need at a vastly reduced cost.
"Everybody loves a bargain store anyway, they are great for a wander round, you never know what you will pick up.
"I think it will be a fantastic thing for West Bromwich and the area as a whole."
As part of the opening celebrations, customers will be treated to a special guest appearance by Olaf the snowman from Disney's sell-out film, Frozen from Thursday to Sunday.
Chris Edwards Junior, trading director at Bargain Buys, said: "We really are delighted to be introducing our new Bargain Buys store to shoppers in West Bromwich.
" We hope that our new brand will be well received by savvy shoppers in the town."
The store opening is part of the value brand's plans to open 50 stores in the next 12 months and will be the 23rd store to open in total in the UK.
The nearest Bargain Buys store opened in Reedswood Retail Park in Walsall last year.
Lisa Hill, town centre coordinator for the Black Country Chamber of Commerce working in partnership with Sandwell Council, said: "It is great news that another shop is opening in town, especially that side of the town which has many empty units and is in need of revitalisation.
"I think a lot of people will welcome the store and I think it is great news for the town."
Councillor Rowley will launch the store at 10am on Thursday.