The large 10,000 sq ft outlet - complete with its own car park - is to be situated at the corner of Lonsdale Road and College Street.
While B&M will be moving into premises built several years ago, but which have lain vacant ever since while a tenant was secured, other new jobs are 'under construction'.
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Fast food chain, KFC is also creating 30 jobs with the opening of a new drive-through restaurant on the former Hillocks site.
Builders have been hard at work on the KFC contract and it is anticipated that it would open inside the next two weeks.
The planning application in that case - passed earlier this year - had also included additional retail units.
The Armagh B&M store brings to 20 the number of stores that B&M now operates in Northern Ireland.
There are also outlets, among others, at the Magowan West Shopping Centre in Portadown, at the Broadfields Retail Park in Cookstown, and at Newry.
And the stores in Bangor and Lisburn - in Counties Down and Antrim respectively - are just two of the many outlets across the UK, which the company took over after the demise of Woolworths.
(BMcC/GK)
