CUT-price retailer B&M Bargains is considering moving into the former Focus DIY store in Rawtenstall.
The Bocholt Way branch, closed after Focus went into administration, could be acquired by B&M Bargains, the Merseyside-based low-cost retailer.
The retailer is currently considering whether to turn the unit into one of its home stores selling hundreds of household goods and food items.
Cheshire-based Focus DIY, which was founded by former Crown Paints boss Bill Archer, collapsed in May.
Local residents hope news of the take over will dissuade youths starting fires outside the town centre store.
In the past six weeks the store has been targeted around a dozen times.
All Focus stores were down to close, although B&M acquired 11 outlets, including one in Burnley, which opened last week.
A spokesman from B&M Bargains said: “No decision has yet been reached regarding the purchase of a site in Rawtenstall.
"It is correct to say that we are considering a store in Rossendale but it is too soon to comment on whether a deal will go ahead.
“At the moment we are have no timescale about when a decision will be made, but we hope to make a decision in the not to distant future.”
Lancashire county councillor Tony Winder, who represents Rossendale North said: “News of any new business moving into a small town like Rawtenstall is positive news.
“I am sure there is a demand for a business and products like this and I hope B&M bargains decide to take over the former Focus site and prevent it from standing empty.”