It was reported around 11 a.m. at the store on Route 35.
The roof collapsed under the weight of the excessive rain and sent water and debris pouring into the store.
Officials say 27 people were inside the building at the time of the collapse. Two of those people were partially trapped but were able to free themselves and get out safely.
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Primary and secondary searches of the building were conducted using the Monmouth County Sheriff's Office interior drone and New Jersey Urban Search and Rescue K-9 teams.
Officials estimate 20% of the building collapsed in the incident.
There had been major flooding in the area before the collapse happened.
The Monmouth County Sheriff's Office is asking people to stay away from the area and says it is extremely dangerous to travel.
Police are asking people to avoid the areas of Route 35, Park Avenue, and Deal Road, particularly between Routes 18 and 35, until further notice.
"This incident is another reminder of how quickly severe weather can create dangerous and unpredictable conditions," said Monmouth County Sheriff Shaun Golden. "We commend all first responders who worked with urgency under challenging circumstances. Despite the ongoing flooding and severe weather affecting our communities, all worked seamlessly together to ensure everyone was safely accounted for. Their dedication and teamwork exemplify the very best of public safety."
Golden urged residents to stay off the roads if at all possible.