Recently, there has been a huge interest in multiresolution representations that also perform a multidirectional analysis. The Shearlet transform provides both a multiresolution analysis (such as the wavelet transform), and at the same time an optimally sparse image-independent representation for images containing edges. Existing discrete implementations of the Shearlet transform have mainly focused on specific applications, such as edge detection or denoising, and were not designed with a low redundancy in mind (the redundancy factor is typically larger than the number of orientation subbands in the finest scale). In this paper, we present a novel design of a Discrete Shearlet Transform, that can have a redundancy factor of 2.6, independent of the number of orientation subbands, and that has many interesting properties, such as shift-invariance and self-invertability. This transform can be used in a wide range of applications. Experiments are provided to show the improved characteristics of the transform.