The crater, which appears to be above an underground stream, is understood to have opened up on Monday evening at around teatime.
The sinkhole is in the car park area outside the sports store, and the entire site in Eyre Street was cordoned off yesterday evening.
Eagle-eyed witness Barrie McAllen took this picture above.
A guard at the site said on Monday night it was not known when the shop would reopen but he thought it could be a couple of days.
The sinkhole, which appears to be around the size of a van, has been fenced off. None of the surrounding roads are believed to be affected.
This is not the first time a huge sinkhole opened up in Sheffield.
In April last year a large hole more than 20ft deep appeared on Hutcliffe Wood Road, which links the suburbs of Woodseats and Millhouses.
It was apparently caused by collapsed old mine workings.
A month later another steaming hole appeared on Pond Street in the city centre. This was caused by a burst heating pipe.