You will be able to download previous purchases.
Earlier this month, there was a rumor that popped up that Sony was on the verge of closing the digital storefronts for three different PlayStation hardwares, specifically the PS3, the PSP and the Vita. Sony didn’t officially comment on the rumor, but many noticed that the webstores for those stores were now down, meaning you can only access them via a version of that respective hardware. Now, though, it has been made official.
Via their official PlayStation support website, Sony has announced that the store closures will happen. The PS3 and PSP stores will be taken down in July, and the Vita will get a big more lease on life before being taken down in August. This means you lose all ability to buy games and DLC from the store, purchase in-game currency to games running on those systems, and redeem any kind of code or voucher through those storefronts. You will be able to download your previous purchases, however.
The PS3 and PSP stores will close on July 2nd while the Vita will close on August 27th. If you have any games from those systems you’ve been waiting on, now is the time to go ahead and buy them.