A cordon is in place at a Co-op shop badly damaged in an incident.
The fascia of the store’s cash machine can be seen on the ground outside the building in Hambledon Road, Denmead.
Officers have cordoned off the area, with multiple police units in attendance.
Forensics officers are now scouring the debris.
Shocked Mary Brown has lived in the area for 36 years.
She said: ‘Its huge to see something like this is a small village like Denmead.
‘A digger was recently stolen from a work site at Uplands Road.
‘There’s been a few thefts in the area, there seems to be a spate of attacks on Co-ops.
‘I’ve never seen anything like this here though or anything happen to this Co-op.’
Hampshire police have yet to confirm what happened. It comes after a number of ram-raids in the area where cash machines have been stolen or attempted raids have taken place.
Rachel Emery, 40, runs Gino’s barbershop two doors down from the Co-op. She saw what had happened on Facebook before turning up for work this morning.
She said: ‘We got here about quarter to nine and I thought “oh my god”, it’s a massive shock.
‘I rang my boss to tell him what had happened because business will be a no-go for us today.
‘We don’t take card so walk-in customers use the cash point at the Co-op to get money out.
‘There’s a Post Office over the road in the other Co-op but that’s closed at the moment.
‘It’s all becoming a bit of a nightmare here, it seems like small shops and areas are being targeted.
‘There’s been a lot of thefts lately, even just things like meat from the Co-op.’
She added her business recently got extra CCTV due to worries about thefts.
Sandy Barnard is the owner of Barnard’s Cafe, one door down from the Co-op.
The 54-year-old’s business has been on Hambledon Road for 25 years and she said she feels unnerved by what has happened.
She said: ‘It’s very sad and it does make you worry.
‘It seems that thieves are targeting small villages and rural areas.
‘There’s been quite a lot of incidents around here recently, it makes you nervous to go out.
‘Obviously this has been done for the cash point and we don’t have one, but it still makes you feel anxious.
‘I haven’t seen anything this big happen though.’
A Southern Co-operative spokeswoman said: ‘We are working closely with Hampshire Constabulary and we would like to thank the wider community for their support during this difficult time.’