Mark Roy Mason, 48, was assaulted outside Home Bargains on Marsh Road, Rhyl, at 19:25 BST on Thursday. He was taken to hospital but later died.
North Wales Police said a white Renault Kangoo drove into the car park, followed by a black 4x4.
It is understood the offenders got out of the black vehicle and attacked Mr Mason before making off.
Det Ch Insp Jason Devonport said it was "a truly shocking incident".
He added: "We believe this to be a targeted attack, but the reason for this attack is yet to be established."
Mr Mason's family and the coroner have been informed.
The store was closed on Friday and a police cordon put in place in the car park.

Sterling dropped 0.5% against the dollar to trade at $1.2872, while it also shed a similar amount against the euro to 1.1844 euros.
The Bank trimmed its 2017 growth forecast and said household spending was slowing more quickly than expected.
Rates were held at 0.25%, as expected, after a 7-1 vote by policymakers.
Some analysts had speculated that a second member of the Bank's Monetary Policy Committee might vote in favour of a rate rise.
On the stock market, the FTSE 100 index closed almost flat, up 1.4 points at 7,386.6, helped by a positive performance from mining shares.
Silver miner Fresnillo rose 5%, while Randgold Resources and Antofagasta also rallied.
Pharmaceuticals firm Hikma dropped 8.2%, making it the biggest faller, after US regulators delayed approval for a new drug.
Hikma has been developing a generic version of GlaxoSmithKline's lung drug Advair, but US regulators found "major" issues with its application.
The company said there was now "a low likelihood" that the drug would be approved this year.
Centrica, the British Gas owner, fell a further 5.4% after it went ex-dividend and JP Morgan cut its rating to "underweight" from "overweight".
The bank's analysts pointed to concerns around the impact of regulation given millions of British Gas customers are on standard variable tariffs, and the potential threat of a price war.
BT fell 4.5% after reporting a slide in annual profits.
Mondi was another faller, down 1.7% after the South African packaging company reported lower profits.
First-quarter operating profits dropped 6% to 252m euros (Â£212m) as a result of lower selling prices and rising costs.

The 25-year-old midfielder had received approaches from Scottish Premiership rivals Dundee United and Inverness Caledonian Thistle.
Manager Alan Archibald said: "Steven has proved over the last few seasons what a valuable part of the squad he is.
"It came as no surprise that Steven had offers from other Premiership clubs."
Lawless, who joined Thistle from Motherwell in 2012, made 40 appearances this season, scoring five goals.
Thistle are also waiting to hear from Frederic Francs and Gary Miller after contract offers to the defenders.
Caley Thistle, who finished two places above the Glasgow side in seventh, had also made approaches to Lawless' midfield team-mates, Stuart Bannigan and Abdul Osman.
Bannigan rejected a new contract at Firhill along with defender Danny Seanborne, but Osman signed a new two-year deal.

A consultation prompted 620 responses, with 98% saying owners should clean up after pets and 69% saying dogs should be excluded from play areas.
But 70% did not want to see dogs excluded from beaches.
The council's environmental and public protection scrutiny committee will consider proposals on Monday.
A man who died after being stabbed in a car park in Denbighshire, prompting a murder investigation, has been named.
[NEXT_CONCEPT]
The pound fell sharply after the Bank of England's latest Inflation Report was seen as ruling out any rate rises for some time.
[NEXT_CONCEPT]
Steven Lawless has extended his contract with Partick Thistle for a further two years.
[NEXT_CONCEPT]
Plans that could see owners compelled to put their dogs on a lead and a ban on the animals in playgrounds will be discussed by Carmarthenshire council.