The Co-op in Fenny Compton was left without a front wall after thieves used a digger to steal the cash machine in the early hours of Tuesday morning (June 25).
The digger is thought to have been used to rip through the wall to break into Co-operative Food on High Street, with police called at around 2.45am.
A cash machine is understood to have been removed from the store before being loaded onto another vehicle, which is thought to have left the area.
Officers arrived to find extensive damage to the shop and the ATM missing while the digger was left at the scene - it has since been removed.
Detective Sergeant Mark Calvert said: "Fortunately no one was injured as a result, but we would like to speak to anyone who may have witnessed the incident or seen any suspicious activity earlier in the evening.
"Enquiries are currently under way but any information, no matter how small, could be key to the ongoing investigation so please get in touch."
Co-op staff turned up for work with a gaping hole in the their shop and a police cordon around the front - the supermarket reopened on Wednesday.
Steve Browne, general manager of the Heart of England Co-operative Society’s food division, said: “The store was closed at the time of the incident and no members of staff or customers were involved.
“Footage was captured on our in-store CCTV system and has been handed to the police. Detectives have been in attendance and scenes of crimes officers are expected on site today.
“The store will remain closed for Tuesday but we are aiming to reopen for business on Wednesday.
“We would urge any witnesses to the incident, or anyone who has a description of the offenders, to come forward.”
On a Fenny Compton Village Facebook page post with pictures of the scene, which showed the digger abandoned outside, James Meadows wrote: “That explains what I heard last night at about 2:45/2:50am.
“Woken up to a couple of cars revving and a big crunch, as if something was being dragged along the road. This was at the junction between memorial road and bridge street.
“Several police cars followed about 5 to 10 minutes later, so they weren’t too far behind.”
Carys Hughes added: “OMG this is shocking. How sad. I can’t believe someone can get away with this.”
Cllr Jacqui Harris, who represents Harbury ward at Stratford District Council, wrote on the page: "It is not good what has happened in Fenny Compton tonight. The cash machine raid.
"I have had previous conversations with other local councillors re the lack of policing in the rural areas specifically about the area between police forces and lack of responsibility for dealing with crime.
"I will chase a meeting with the PCC [police and crime commissioner] to raise our concerns."
The incident seems to mirror the raid on one of the Co-ops in Shipston in February as well as one in Kineton in March.
Anyone with any information should call Warwickshire Police on 101 or Crimestoppers anonymously on 0800 555 111 quoting incident number 38 of 25 June.