A number of businesses have already shown interest in taking over the former Wilko store in Mansfield, the district council says.
The national budget chain collapsed last month, with the Mansfield branch among more than 400 nationwide stores shutting for good.
The outlet on Clumber Street closed its doors having first opened in 1979.
However, Councillor Stuart Richardson (Lab), the council’s Portfolio Holder for Regeneration and Growth, told a full meeting of Mansfield District Council there may be hope for a new tenant moving in.
“The disappearance from the high street of a well-known name is a blow. It is a large footprint and follows previous large store closures and the wider economy remains vulnerable,” he said.
“Regeneration officers have acted promptly, making contact with the site’s agents to understand their intentions and a meeting has now been arranged to discuss this with them.
“Further, it is understood that some interest in the site have been reported which remain confidential at this stage, but support has been offered to help them be progressed through Planning and Regeneration services.”
Councillor Ben Brown (Con), who raised the issue, said: “I think we can all agree, given its excellent location and large car park, [the site] would make an ideal location for an indoor market.”
The council says it has offered support to employees at the store, as well as those who worked at the Manton headquarters, near Worksop, who lived in Mansfield.
Several other businesses have also volunteered to help find new jobs for anyone made redundant.
The DWP and National Careers Service offered jobs, training and benefits advice directly to those affected.
Councillor Richardson added: “It was a very emotional time for the employees, many of whom had worked at the store for a long period of time. I hope the council will agree that every effort was made to support the staff.”