The Elephant & Castle Shopping Centre is to be repainted in two shades of blue in a 16-week project due to start early next month.
News of the change of colour scheme for the complex comes just a few weeks after Southwark Council's cabinet agreed to cooperate with the centre's owners on plans for a new shopping centre incorporating the core of the existing building.
"We have said recently that there is much to do before the substantial redevelopment of the centre can take place, most likely to be in 2015 at the earliest," says James Stockdale, development surveyor at St Modwen which co-owns the building with Salhia Real Estate.
"In the meantime it is important that we continue to invest in the current centre to ensure it remains fresh and welcoming for our tenants and visitors alike.
"The centre was last repainted six years ago and this forms part of the normal maintenance programme of the shopping centre."
The exterior of the centre is currently white but the peeling paint means that the previous pink colour scheme is still much in evidence.
Work is due to start on 4 July and should be completed in the autumn.