The store has traded under the ownership of Chris and Ella Gadd for the past 17 years and they will now retire.
Norvill plans to close the store and redevelop the site, before reopening in a few months.
Jamie Williams, senior business agent in Christie & Co’s Retail, said: “Kingswear Village Stores is a wonderfully located store with excellent profits for owner-operators. It was great to have been involved with the sale and I wish Ella and Chris all the best for the future.
“James has exciting plans for the store, and I look forward to seeing how he develops the site.”