Downtown London is getting a new drug store, and a storied old building vacant for seven years a new lease on life.

Rexall is opening a new store at Dundas and Richmond streets, in the former Canadian Imperial Bank of Commerce building, and renovations are now underway, said Shmuel Farhi, building owner who struck a deal with the national retailer.

“I am very happy to announce that Rexall is helping rejuvenate a major part of downtown,” said Farhi.

He credited his large signs in the core as a reason why he got the lease: An official saw the for-lease sign and called, he said.

His use of signage has drawn criticism from city officials for their size and the sheer number he has in the core.

“My signage is a success,” said Farhi.

The store will take up 15,000 sq. ft. over two floors when it opens in the spring, leaving about the same amount of space open for another business on the building’s upper floors, he added.

Janette MacDonald, manager of Downtown London, cheered the news, saying the location is an important intersection.

“Its a coup for the downtown and kudos to Mr. Farhi,” she said. “It is a very prominent intersection. It is great to have this there.”