The lifts next to the Anvil theatre are set to be replaced, costing the council £300,000, after theatre-goers complained about 34 breakdowns in the last year.
The scheme was approved by the authority's ruling cabinet last week after it was heard that the lifts were too small and broke down frequently.
Additionally, the three lifts next to Primark will be repaired, and almost all will be recovered from service charges from the businesses in the council-run shopping centre.
The urgent paper, brought to cabinet, warned that not replacing lifts four and five at The Malls, next to the Anvil, would affect the access to the shops and the car parks, and would "likely result of a decline in shopper numbers and a decrease in revenue, also making access to the Anvil theatre less attractive".
It also revealed that the lifts have broken down 56 times in the last two years - roughly once every other week and costing a total of £68,000.
Some of the breakdowns took months to fix as the council awaited parts to arrive from Italy.
Cllr Hannah Golding, the cabinet member for economic development, told the meeting: "Supporting shoppers back into the town centre is a really key part of our economic recovery post Covid."
Referring to the lifts next to the Anvil, she added: "They are quite small and are also older, and are regularly breaking down which means that people aren't able to use them.
"Obviously our Arts is also recovering and we do want to support that, so replacing those lifts is though to be the best way forward."
The new lifts that are installed next to the Anvil will have a greater capacity and be more suitable to a car park open to the elements, the report continues.
It will cost £300,000 which is set to be taken from the council's capital programme, with the final decision to be taken by full council on Thursday.
Meanwhile, the refurbishment of the lifts next to Primark has been approved, and will mostly be recovered by service charges.
However, £100,000 will be taken from existing budgets to cover the shortfall.
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