The Cynwyd shop has been on the market for several years and the current owners will close the business if they don't get a buyer.
* Chair: Mabon ap Gwynfor.
Several members of the community agreed that losing the shop and Post Office would be detrimental to the village and organised a public meeting to see if the community could take the place over.
Over 65 people are now involved, and have formed the Siop Ni Cynwyd community enterprise.
Delyth Thomas of Siop Ni Cynwyd said: "The shop is right at the heart of the community. Not only does it provide an all-important service, ensuring that we all have access to some of our daily essentials, but it also acts as a community hub, with friends and neighbours having time to catch up on local issues and bind the community together.
"It would be dreadful if we were to lose the place, so we are exploring all possible avenues to see what can be done to keep it in the community."
The new group have so far received advice from the Wales Co-op Centre, Grwp Cynefin and Cadwyn Clwyd, and are in the process of applying for funding to complete a feasibility study to explore the best options available.
Mabon ap Gwynfor, Chair of Siop Ni Cynwyd, said: "A lot of people have come forward willing to assist in this venture. This is a true community enterprise with everybody offering their services and chipping in.
"There is certainly a lot of good will. Grwp Cynefin, Cadwyn Clwyd and the Wales Co-op Centre have been brilliant, and we look forward to working with them to see this project to full fruition."
Cynwyd resident Alwenna Joyce said: "Keeping the shop and the Post Office in Cynwyd is vitally important, especially as we've lost the banks from every town in this region.
"We've got nowhere to pay in or take money out without having to travel some distance, and we don't have many buses here in Cynwyd. The shop sells everything and is indispensable to local residents."