The shooting took place as masked men raided the premises in Digbeth, central Birmingham, on Wednesday evening, said police.
Akhtar Javeed, aged 56, who was found by police, was taken to hospital but pronounced dead a short time later.
Police believe two men were involved. The robbery was at a business premises in Rea Street, near the junction with MacDonald Street.
Act Det Ch Insp Martin Slevin said the raid took place at 18:40 GMT at Direct Source 3, at a time when people may have been leaving work and could have seen what happened.
If you have any information that could help our investigation, please get in touch as soon as possible," he said.
Direct Source 3 is a fast food, retail and catering business.
A post-mortem examination is being arranged.
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