KARABAR Superbarn is set to become an IGA Supermarket and Local Liquor store after the Krnc Group purchased the site.
The announcement follows a series of controversies when Woolworths tried to buy the site, leading to the consumer watchdog stepping in with court action.
Residents and nearby business owners said they were happy that IGA was moving in and pleased the store will be revamped.
Maria Vlahos, from Karabar Takeaway, said she thought the IGA would bring more customers into the Karabar shops.
''It's going to be good and it's going to help the centre. It will bring more people here because it will be cheaper,'' Ms Vlahos said.
The changeover of store ownership was the subject of legal proceedings and an Australian Competition and Consumer Commission investigation which found Woolworths would have an anti-competitive monopoly in Queanbeyan if it bought the site.
An injunction was taken out by the Superbarn Group after the store owners agreed to sell the supermarket to the IGA retailer, the Krnc group.
However a Supreme Court ruling declared the injunction was invalid on the basis that no contracts had been exchanged and sale to the Krnc Group proceeded.
Director Steven Krnc said the group jumped at the chance to purchase the site as soon as the ACCC announced its ruling against Woolworths.
''This is the first time the ACCC has intervened in this way, on competition grounds and whether or not the sale is right for the community,'' he said.
''The group exchanged contracts with previous owner Pat Macarlino on the Friday after the ACCC made its ruling.''
The Krnc Group owns three Canberra IGA and Local Liquor stores in Hawker, Lyneham and Hackett and two stand-alone Local Liquor retailers.
Renovations to turn the store into a full-line independent Supa IGA are underway.
''We're hoping to bring it up-to-date, with new fixtures and fittings over the next two months,'' Mr Krnc said.
''The store aims to be a serious contender and fourth force in competition against Queanbeyan's Aldi, Coles and Woolworths supermarkets.
''We will continue to trade through the renovation with as little disruption to our customers as possible. Once completed we will have a grand opening and invite the Queanbeyan community to take a look at the new store.''
Resident Josie Cameron, who usually does her shopping downtown at Woolworths or Aldi, said she may do more shopping at the new IGA because it was closer and would now be a better store.
''It will be good if it is extended and it will be better and closer to where I live,'' Ms Cameron said.
Another Karabar resident, Frank Stanford, said he shopped at the previous Superbarn because it was most convenient but would stop shopping at the new IGA if stock became overpriced or lacking in quality.
The Krnc Group Directors, Cooma born brothers John, Tony, Steven and Robert Krnc have more than 100 years of combined experience in the supermarket industry in Canberra and country NSW.
The company also has links to the Queanbeyan community through Queanbeyan born Mary-anne Krnc, wife of director Steve Krnc.
Mary-anne's father, the late Norm Maleganeas opened his first business, a milk bar and grocery store on Monaro Street on the current site of The Queanbeyan Age office in the early 1950s.
The family is part of the Nano, Nasto and Dimkovski families which have long standing members of the Queanbeyan community.
Mrs Krnc said she was pleased her family was taking over the supermarket at Karabar because she felt close to the community.
Joe Macarlino, whose father was the previous owner of the Superbarn store said his family was very happy with the outcome and believes the supermarket's regular customers will continue shopping at the store.
'' I think everybody will be happy with the upgrade that is taking place,'' he said.
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