The Chicago Police Department told FOX32 the incident happened around 1:45 p.m. on Friday on the city's South Side when four males entered the store owned by 33-year-old Mohammed Maali and took cash from the register by force.
Maali then pulled out his own gun and fired shots before the suspects returned fire, striking him in the chest.
The victim died at an area hospital, police said.
Chicago police told FOX32 two of the suspected robbers were injured in the shooting. A 17-year-old male was shot in the leg and body, and a 34-year-old man was shot in the leg, according to police.
Both were treated at an area hospital and were in stable condition. The other two teenagers were later apprehended by police and charged on Saturday.
The victim's family said Maali was a father of three, including twin girls who will soon be celebrating their birthday without him.
"Knowing that kids did this is unacceptable," nephew Mohammad Atiya told FOX32. "Violence is not the answer."
Neighbors told WLS-TV the store opened a few months ago, and Maali often would extend credit to customers who were short on money.
"It's no God out here no more," resident Nefertiti Ruffi told WLS., "It's no love out here, and people be hating and it's sad."
The shooting remains under investigation by Chicago police.