The existing shop, on the Street in the centre of the village, will close at the end of trading on July 29, with the new store set to open the next day.
The move is part of the Hills Residential development and will bring an expanded range of products, improved facilities for both staff and customers, and on-site parking.
Post Office services currently offered at the village centre location will also transfer to the new site following a public consultation.
However, the post box outside the current store will not be relocated, with Royal Mail confirming there are currently no plans to move it.
Opening hours at the new location will remain unchanged — 7am to 10pm, Monday to Sunday.
All existing staff will transfer to the new store.
The Co-op says it has no plans to sell the existing building on The Street but is seeking to lease it.
In a statement , the Co-op stressed its commitment to serving the village and said it would remain open to ideas regarding the future use of the current premises.