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At around 10.55pm on Sunday a man entered the Co-Op in Winchester Street and threatened two employees with a weapon.
He then stole around £750 from the safe and left.
Detective Constable Catherine Atherton, of Basingstoke CID, said: “The area would have been quiet at this time of evening but someone may have seen something.
“Were you at the shop just before the man entered or did you see him hanging around outside?
“We believe the offender took off his balaclava as soon as he left the shop and we want to hear from anyone who could identify him.
“This was an isolated incident and we would ask any witnesses or anyone with any information to contact us as soon as possible.”
Anyone with information about the incident should contact Det Con Atherton at Basingstoke police station on 101 or call the Crimestoppers charity anonymously on 0800 555 111.
For more information about policing in your area visit the local policing pages of Hampshire Constabulary