The existing Shoprite stores on the island will remain trading under the current branding during a ‘transition period’, which will eventually see all stores re-brand as Tesco over a nine-month period.
This will mean the number of Tesco stores will increase from one in the island to 10.
We took to the street to find out what the Manx public think about the change.
Jackie Hutchinson from Crosby said: ‘I think it’s a good thing because Shoprite is so expensive.
‘It does worry me that the local community and produce is going to suffer though.
‘It would be good if Tesco could take on some of the local produce and make it cheaper – that would be a great idea.
‘My husband swears by the meat at Shoprite – he is a big fan of the produce from Ballacushag farm. He goes to Shoprite and I go to Tesco, so I’m happier than he is about the news.’
Joe and Selena Kennish, from Onchan, also agreed that the transition is a good thing for the island.
Selena said: ‘We’re not so much concerned about the effect on local produce because we shop at our local butchers for our meats. It could be a good thing for the butchers in the island.
‘I’m sure Tesco will do their best to keep local producers happy anyway.
‘We do our shopping at Tesco, the Co-op and Marks & Spencer, so it doesn’t really affect us personally.
‘One thing I would say is that hopefully this means Tesco can start bringing over its clothing lines from the UK. That could be a good thing.
‘They don’t do click and collect anymore over here so you have to order it online to just get it over to the island.’
Joe said: ‘An interesting aspect about this is the government’s role in it.
‘There’s monopolies involved with it and big financial aspects that the government should’ve been looking into.’
Eli Warren from Maughold said: ‘I think it’s a really good idea. I just hope that Tesco can take on some of the local produce that is being lost at Shoprite.
‘I feel bad for those who have lost their jobs over it as that’s quite sad. I thought they would change the stores and keep on the same staff, but I’ve heard about some people losing their jobs which is a shame.
‘An area where Shoprite was good was that it supported local charities.
‘I did a dementia memory fundraising walk which Shoprite were involved with – they donated money towards it and sorted out refreshments for the walk.
‘The community side of Shoprite was really good, so it’s a shame to lose that.’
Joshua Manfield from Kirk Michael said: ‘I think it will be good for the island in the long-term but it is a worry for local businesses in the short-term.
'There’s a lot of questions to be asked.
‘I know that QEII students loved the Subway at Peel Shoprite, and they must have been earning quite a lot of money through that.
‘When I was at school there would be 30-plus students going to Subway every lunchtime, so that’s a big loss.
‘It would be a shame to see Subway go.’