The independent retailer is close to concluding the deal although contracts are yet to be signed, managing director Paul Delves said.
"We're keeping our heads down and saving our pennies for new sites," he said. "Watch this space."
The store is understood to be in Harry Tuffins' target area in the Welsh borders. It currently has three stores in Wales, three in Shropshire and one in Worcestershire.
The new store will be the second bought by Harry Tuffins this year. In March, it opened a £1.5m 3,000 sq ft convenience store and petrol station in Machynlleth in Wales. That store was trading well, Delves said.
The group is waiting for planning permission to build a garden centre extension to its Craven Arms site and to demolish an exisiting store and build a new one in Cleobury Mortimer.