Fosse Park, near junction 21 of the M1, opened in 1989 and was bought in August for Â£345.5m.
Plans are now being prepared to improve parking and traffic congestion and the appearance of units.
Ernie White, leader of Blaby District Council, said the new owners had met with the council to clear up "potential planning questions".
"Fosse Park is the gateway from Blaby into the city and they see it as an investment that they think they can improve," said Mr White.
"I think it could be a better view when you come into the city, at the moment all you see are far too many backs of sheds."
Paul Clarke, director of investments at Crown Estates, said: "Two things we want to address are parking and congestion issues around the park and we believe it has become rather tired over the last few years.
"We are very concerned to address the quality of what we call the common areas - where people have to walk and park - and the facilities available to make sure a location like Fosse Park is as good as it can be."

George Verrier was treated by officers who were called to an altercation involving about 20 people in Bromley in the early hours of Sunday.
He did not want to be taken to hospital, said police, but was found unconscious several hours later in nearby Ferndale. He died in hospital.
A 17-year-old arrested on suspicion of murder has been released on bail.
The Met said it had voluntarily referred the actions of officers who went to the scene to the Independent Police Complaints Commission (IPCC) for assessment.
A Metropolitan Police spokesman said: "At this early stage it appears the victim suffered a head injury as a result of the altercation.
"Inquiries continue to establish the full circumstances of the incident."
George, a trainee electrician, was injured in Southborough Road at about 00:45 BST, while on his way home from the party in adjacent Blenheim Road.
Police were called at about 09:30 BST to a home in Ferndale - about a mile away - after he fell unconscious.
He was taken by air ambulance to hospital where he died at about 18:00 BST.
He had been due to have his first driving lesson on Tuesday.
Cornelius Moran, whose 16-year-old daughter was having the party, said: "He was a good friend of my daughter's. A lovely boy from what she tells me.
"My thoughts are with the family."
A woman who lives near the party venue, but did not wish to be named, said: "It looked like a very well-organised party - it was noisy, that's all.
"The family who had the party are such a nice family."
Another neighbour said some partygoers had been turned away from the house.
He said: "We were very much aware of the noise. That stopped at about 12.30am when the music stopped.
"My wife was looking out of the window and she could see three large adults leading a group of youngsters up the road, turning them away from the party."

The twin-engined CN235 transport plane came down in a rural area near the town of Codazzi, in Cesar province, having reported engine difficulties.
Colombia's President Juan Manuel Santos described the victims as heroes.
An investigation into the cause of the crash has been ordered, says the commander of Colombia's air force, Gen Carlos Bueno.
Colombian media reported (in Spanish) that local residents said the plane had been struck by lightning.
All of those killed were members of the Colombian air force.
The CN235 is manufactured by Airbus, who said in a statement that the plane concerned was produced in 1998 in Seville.
A Leicestershire retail park is to get an injection of investment after being purchased by the Crown Estate.
[NEXT_CONCEPT]
A 17-year-old boy has died of head injuries following a fight after a party in south-east London.
[NEXT_CONCEPT]
A Colombian air force plane has crashed in the north of the country, killing all 11 of those on board.