Thirty-three Kaikohe Warehouse employees are no longer facing redundancy, with the store announcing it is set to stay open.
Locals were left dismayed after the store announced it had "no choice but to close" in June, after unsuccessful negotiations with the landlord to continue the lease.
However a spokeswoman for The Warehouse says it is "delighted" to announce the landlord has changed their mind.
"The Warehouse is now confident that its Kaikohe store will remain open, pending final contract confirmation."
Regional Development Minister Shane Jones had told The AM Show on Wednesday morning the store's closure would be "a kick in the guts" for Kaikohe residents, as one of the region's largest employers.
The Warehouse chief executive Pejman Okhovat says it "always wanted to stay in Kaikohe" and has been working with the landlord since July 2017.
"We're really pleased he's now decided to agree on a new lease."