The inquiry, High Street UK 2015, will examine future retailing trends that could shape the market in ten years time.
It follows the release earlier this week of a report by think-tank The New Economics Foundation which argued that high street retailers are taking over independent businesses.
Labour MP Jim Dowd who will chair the inquiry said that the inquiry would examine the “creeping centralisation” of the high street.
“Is it the case that Tesco, Sainsbury and Asda are really providing better quality, variety and value for money? The fear is that as they branch into more and more non-grocery sectors and put more traders out of business it will be difficult to buy anything from anyone else,” he added.
Respondents will have until the end of the month to submit evidence before meetings of spoken evidence are heard.
The inquiry is expected to present its findings to the Office of Fair Trading and the Department of Trade and Industry in September.