It happened around 5:40 p.m. Wednesday outside a corner store on the 800 block of Foulkrod Street in the city's Summerdale neighborhood.
Police say two suspects got out of a dark-colored SUV and fired about 31 gunshots.
An 18-year-old man was hit several times. He was taken to an area hospital where he was pronounced dead.
1 dead, 1 injured in shooting outside corner store in Philadelphia
"We do not have a motive at this time. The victim was known to police. He has had various encounters with police in the past," said Philadelphia Police Inspector D.F. Pace.
Investigators say a 67-year-old man walking in the area was shot after a bullet ricocheted off an exterior wall. He was taken to an area hospital in stable condition.
Summerdale residents heard the rapid gunshots just steps away from their homes on Foulkrod Street.
"I went to the window and looked down the corner and saw all the police tape and ambulances and the police," the resident said.
Residents say the neighborhood is typically safe and they hope crime doesn't continue.
"I was scared because it never happens around here. There's always kids around here at this time, that's why I was more scared," the resident said.
Police are still searching for the suspects.
Anyone with information is asked to call police at 215-686-TIPS.
RELATED: Check the 6abc Neighborhood Safety Tracker