Police said Price was one of three men who robbed the store, belonging to Onica Charles.
Another man, attempting to leave Tobago from ANR Robinson International Airport yesterday, and a student of Signal Hill Secondary School have since been held and are assisting the police with their investigations.
A pool of blood remained on the scene at Moriah when the Express visited the area.
Charles said this was the third time her business place was robbed within months.
“I was home and I hear the noise upstairs by my sister-in-law and I gave her a call and ask she what happen and she told me they break in the store.”
The clothing store is located at the front of her home. There was an exchange of gunfire between the police, who responded within five minutes of being called, and the three masked bandits, armed with guns and a bolt cutter.
“After I hear some gun shots, and after I come down the road to see what happen,” said Charles.
Officers told the Express Price was shot dead and another bandit sustained injuries to the buttocks, while the third bandit escaped in a silver Mazda 323. A black car was also involved, said police.
CCTV camera footage which captured the incident has since been handed over to the police.
ASP Jeffery George is spearheading investigations along with Moriah police.
Assistant Commissioner of Police Tobago Brian Headley said officers must be commended for their timely response to the distress call.
“The quick action by officers to this call should be an example to other officers. When reports are made to the police their response must and should be timely, in the deliverance of justice to citizens. This serves as a catalyst for other officers in the service,” said Headley