It's the brainchild of Gerald Anawak and Gord Irniq of Rankin.
The two have been working with computers for the past five years and say they are hopeful they are going to be filling a much-needed service gap in the hamlet.
"We want to get a place where people can bring their computers or we can go to them. We have all the tools, all the software and hardware. Right now there is no place you can do that," said Anawak.
The new store, Igloolik, is expected to open in a week or two in the yellow building next to Sakku investments.
Currently, the space is being upgraded to accommodate the necessary technology.
Anawak said they are also waiting for more funding from some of their sources, which includes Atuqtuarvik, Kivalliq Partners and Aboriginal Business Development.
Parts and sales will be the first service that will be available at the new store and over the next few months, Anawak said they will be adding services. Eventually, customers will be able to access high speed wireless internet and basic computer training, he said.
Anawak said he is working with two satellite companies to be able to provide low-cost service to both residential and corporate customers.
Using two satellites, one for business and one for residential, he said, will allow for faster service.
"We're looking for a satellite company to work with us so we can provide high speed, unlimited download, unlimited usage and a lower cost," said Anawak.
The store may also incorporate online gaming and game consul gaming in a cyber-cafe atmosphere.
"A buddy of mine has been working to set it up. He has four computers already, he just needs the internet connection," said Anawak.
Currently, high speed in Rankin is only available to corporate customers in town through Sakku Arctic Technologies.
Late last month, Sakku was identified by the Nunavut Broadband Development Corporation as a partner in business plan development for the provision of affordable high speed internet to all 25 Nunavut communities.