Wythenshawe Civic Centre is to be acquired by Manchester City Council as part of wider plans to transform the town centre.
The 350,000 sq ft site includes the likes of Asda, B&M, Iceland and Home Bargains and is to be bought from property giant St Modwen.
In a statement, city council said the shopping parade is the commercial centre of the area and a "vital resource for local people to access shops, leisure facilities and other amenities".