The firm was forced to close its store earlier this month after the building was significantly damaged during looting.
Fianna Fail TD John Lahart welcomed the announcement and said it will be a "massive boost" to the local community.
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He said: "The local community have rallied behind the staff impacted by the sudden closure of the store. It has been heart lifting and a clear demonstration that the small number of people who engaged in criminal activity in the wake of Storm Emma simply do not represent the local community.
"I'm hopeful that the construction of the new store can get underway as soon as possible."
(CD/MH)
