Wards Shoe Shop, which has been operating in the town since 1954, was due to close in the Priory Shopping Centre because its lease was coming to an end.
The owners have now secured a new lease and the store will remain open and run as an outlet store all year round.
A spokesman for the shop said: “We're delighted to confirm that we've agreed a new lease for our Worksop store and it is now staying open.
"This is such a relief, especially for our loyal customers and staff who have been such a support."
The spokesman added that the shop can only survive if customers continue to use it and urged people to visit the town centre.
"We've worked really hard to secure a new lease for our shop in Priory Shopping Centre, to keep our staff in jobs and continue serving Worksop, but we – and all of Worksop town centre – can only survive if we have customers,” the spokesman said.
"The shop is full of lovely sale items, from great brands with big reductions and a really great choice, so please, please pop in and have a browse.
"We need your custom now, more than ever.”