Raasay's population of 150 relies on the island's store for daily essentials but the previous owner put it on the market early last year.
When there was no interest from private buyers the decision was taken to shut the store.
The community on the island, which lies between Skye and the mainland, formed a steering group to try to take over Raasay Stores. With help from Highlands and Islands Enterprise (HIE) they started raising money to buy the shop and cover initial running costs.
With support from Investing In Ideas, Village SOS, The Princes Countryside Trust and HIE itself, along with over £10,000 raised from selling shares to local people, a total of £180,000 was eventually raised.
The shop has now been sold to the Community of Raasay Retail Association Ltd, the co-operative which grew out of the steering group.
David Carslaw, the store's manager, said: "The local shop is so important to life on the island. If there is nowhere people can go to pick up their groceries then they will start to move away from the island. This could threaten the school and other services and then the community is finished."
The next nearest shop for residents is a two-hour round trip away in Portree, involving ferries and a car journey.