Punch Taverns wanted to turn The Corn Exchange in Crickhowell, into a shop, with a retail giant interested - the town has only one national retailer.
But the idea has been withdrawn following fierce opposition, though Punch Taverns said the plans could be reintroduced later.
A businessman has offered to set up a "community investment club".
About 12 people put their names forward to join the consortium and the Corn Exchange Action Group has appealed for more investors to come forward.
More than 3,500 people signed a petition and 2,560 letters of objection were written to prevent the supermarket taking over the building.
Boots chemist is the only national chain in the town. All other businesses are family run and independent.
Punch Taverns said in a statement the decision to withdraw the plans followed discussions about alternative uses for the building, which it said it hoped would succeed.
But it said the plans could be reintroduced if the talks failed.
A Powys pub at the centre of a row over plans to turn it into a supermarket could be bought by a community group.