Maqsood Ahmed, 55, and a female employee were closing up his money-transfer business when they were attacked by two men.
The woman was uninjured but Ahmed later died in hospital.
Lloyd Kollie, 19, was arrested Wednesday morning and has been charged with second-degree murder and robbery.
Staff Sgt. Colin Chisholm says closed-circuit camera footage and people coming forward with information helped lead to the arrest.
He says a total of four suspects have been identified and the investigation continues.
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