Question Summary:
I purchased an item from a certain Muslim business manager I no longer require the item.

Question Detail:

I purchased an item from a certain Muslim business manand I no longer require the item. I produce my slip as required. I was refused a refund but was told to take something from the store to the value of the money spent. The fact is that I don’t require anything from that store. 

Answer :

In the Name of Allah, the Most Gracious, the Most Merciful.
As-salāmu ‘alaykum wa-rahmatullāhi wa-barakātuh
You purchased an item from the seller. You are the owner of the item. If you do not require the item, the seller is not obliged to cancel the transaction.[1] However, the buyer and seller can annul the transaction through mutual consent.  This is known as ‘Iqalah’ (Mutual Dissolution of Transaction).
Saaiduna Abu Hurairah (Radiallahu Anhu) narrates that the Prophet of Allah (Sallallahu Alahi Wasalam) said ‘Whoever rescinds the sale of someone who regrets it, Allah will rescind his sins on the Day of Judgment.’   (Sunan Baihaqi)
And Allah Ta’āla Knows Best
 
Ismail Desai,
Darul Iftaa
 
Checked and Approved,
Mufti Ebrahim Desai.