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Cr Calum MacLeod said the community having the element of choice would be a good thing.
''Hopefully there will be three or four [supermarkets in Wanaka] in the near future.''
The store will be nearly twice the size of the existing one - built in the Three Parks development.
The 4353sqm building will include office space and a cafe, will be open from 7am to 10pm - closing an hour later than the existing New World - and have 219 car parks.
It will be located within Three Parks' commercial zone, on the Mt Iron side of the Wanaka Recreation Centre, and will be surrounded by an array of retail stores that will be developed over the next few years.
Foodstuffs general manager property and retail development Roger Davidson said the existing store was under pressure.
Action on the site would happen soon, he said.
''We are hoping to break ground in August of this year and plan on completion late 2019.
''We can't share the total cost of the build at the moment, but needless to say it is significant. We are focused on creating a building and facilities which will be a real asset to the community.''