It happened around 3:30 p.m. Monday on the 100 block of West Wyoming Avenue in the city's Feltonville neighborhood.
Police say Samir Jefferson, 14, was struck at least 18 times throughout his body.
He was rushed to Temple University Hospital by medics where he died a short time later.
Police said they found around 35 shell casings at the scene from two guns.
Bullet holes could be seen in the side of the Rite Aid, which is not far from Roosevelt Boulevard.
Police say Jefferson was waiting for a bus to go home from school when he was shot.
According to Philadelphia Police Chief Inspector Scott Small, the teen appears to be the intended target.
A source tells Action News that the teen may have been shot to death because of taunts on social media.
"All homicides are tragic of course, but for someone to be as young as 14 years old... it's a real tragedy," said Small.
Investigators said the 14-year-old victim lived a couple of miles from where he was shot.
Philadelphia school officials said Jefferson was in the 9th grade at Thomas Edison High School.
The school district released the following statement in response to the shooting:
"At the School District of Philadelphia, our hearts ache for each and every family and community in Philadelphia that has been affected by gun violence. The caring educators and staff across our School District experience daily the devastating toll that this crisis of gun violence is having on our students, families, communities and city. We stand united with all those across the city who are heartbroken and outraged by the tragic loss of life of our young people, and reiterate our collective call to action to stop the violence. We will continue to build on the student mental health and wellness staff and resources we have intentionally added to our schools, collaborate with our city colleagues to support programs such as School Safety Zones that promote safer environments for our students, and do all we can to provide an arm of protection for our students when they are in our care."
Action News spoke with a woman who says she heard the gunshots and ran outside when police arrived.
She did not want to be identified but described that traumatic experience.
"I saw them transporting him, basically, and it just made me really mad because he was still a kid and, basically, I don't want to see that happen to nobody's kids," the woman said.
Police were questioning two people. Anyone with any information is asked to call 215-686-TIPS.
Philadelphia Police Commissioner Danielle Outlaw released this statement on the shooting:
"Earlier today, we lost another young life to senseless gun violence--the fourth since yesterday. My heart grieves for the victims, their families, and this city. While we cannot bring back those lost, the Philadelphia Police Department will ensure that these cases are fully investigated so that these victims and their families receive closure and justice."
The number of minors, age 17 or younger, who were shot and killed in Philadelphia this year has surpassed totals from last year.
In 2019, there were 119 juvenile shooting victims, and 13 were fatal, according to data from the Philadelphia Police Department.
Police department data from 2020 reveals that there were 197 shooting victims who were 17 and younger, and 26 fatal.
Data for this year is available up until November 22nd. Police said 198 minors have been shot and 33 have died.
At least 507 homicides have been recorded to date, according to Philadelphia police data.