Travis Perkins has said it has "no intention of leaving" Wells amid plans for the building to be demolished.
The builders' merchants has confirmed the lease is up for renewal in January 2021 and that it has started to explore "alternative options."
An application was submitted to Mendip District Council last month which reveals plans to demolish the buildings on the Strawberry Way site.
The plan says work is needed because the buildings are "no longer fit for purpose."
The work is expected to take between two and three weeks and have been proposed to be carried out between April 5-30, 2021.
A spokesperson for Travis Perkins said: "We can confirm that the lease for our Travis Perkins branch on Strawberry Way in Wells is up for renewal in January 2021.
"While we remain committed to our customers and the local community here and would like to remain on site, we have started to explore alternative options and have no intention of leaving this local market."
Locals have expressed regret regarding what many fear is an uncertain future for the business.
One resident said: "It will be interesting to see what Soldi's plans are for the site.
"It is a very prominent site in town and the prospect of something more modern and new going in is exciting.
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