The Edinburgh Woollen Mill Group has pledged to invest in Tynwald Mills and create new jobs.
It comes as the Carlisle-based retailer bought the shopping facility in St Johns earlier this week.
In a statement the group says it believes 'a careful blend of shopping and catering options in a beautiful setting is a strong draw on the island.'
The group has decades of experience improving, managing and drawing tourists to destination and historic sites which blend retail, catering and family attractions.
Weather warning for storm Dave this weekend
Roads to close for music festival this weekend
How long do mental health patients stay in Manannan Court?
Could you take over this former restaurant?
Framework of new Sea Services Agreement ready, says minister
Attorney General says he's stepping down
Road closures in two towns for running event this week
Six weekend ferry crossings could face disruption