At 11:10 a.m., police got a call about a holdup taking place at 2036 Queen St. E., near Lee Avenue.
The person who called 911 indicated that two men were involved. They were reported to have guns.
Police say the suspects took cellphones from the store and fled on foot.
Witnesses reported seeing the suspects hopping fences.
A 26-year-old male has been arrested. Police say they are still seeking a second suspect.
Some schools in the area had been put under a hold-and-secure designation, but that was later lifted.