Plans have been submitted to Fife Council for a change of use of the building which once housed Edinburgh Woollen Mill at 2A Bell Street.
The premises have been empty since December 2019.
The application comes from Parkprime Limited which is seeking a change of use to allow it to look at the food and drink sector.
A supporting statement lodged with the local authority said: “The difficulties in securing a new retail tenant reflect those facing the retail sector in general.
“The pattern of retailing has been changing rapidly over recent years -, with a notable increase in on-line shopping and the growth of factory outlets.
“This has had a significant impact on High Street shopping, with reduced demand for bricks and mortar shop units as a result.
“Our client is looking for flexibility in terms of potential future uses of the building.”
Councillors will consider the application in due course.