The sub-postmaster and owner of the shop at Chardstock, Devon, wanted to retire and asked the community to organise its purchase.
Through donations, shares, loans and a grant from the parish council, £257,000 was raised to buy the premises.
Jim Willis, operations manager for Chardstock Community Shop, said the fundraising was "phenomenal".
The shop, close to the Somerset border, was officially opened on Friday, although Mr Willis said it had been operating since February.
"We felt we had to get our feet under the table before we had our grand opening," he said.
Now Mr Willis and volunteers plan to refit the shop, as well as transforming the former sub-postmaster's home into a self-contained flat for a local person to rent.
A café with indoor seating is also planned.
Mr Willis said: "It was phenomenal the amount of money that was raised.
"The population wanted this; they wanted a shop, they wanted a post office. We'll make sure they get what they need for the entire process.
"This place will be very successful if it carries on the way it's going."
RSN comment: It is fantastic to see the community coming together to help maintain services within their village. Post Office services and a village shop provide a lifeline to rural communities to not only enable residents to access services, but help to reduce loneliness and isolation.
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