The original Chapel Hill store was under different management and closed its doors in the mid-1990s.
Schoolkids owner Stephen Judge said the company had up to six stores at a time, but it was the most difficult to watch the Chapel Hill store close.
“Me coming in and eventually buying the Raleigh store and bringing the Schoolkids name back to Chapel Hill has been a goal of mine since 2008,” Judge said.
The new store will replace CD Alley, another record store on Franklin Street, which is owned by Ryan Richardson.
Judge said he and Richardson have had a relationship for years.
He said they had an agreement that when Richardson was ready to leave the business, Judge would take over the location.
“We’ve been talking about this for years,” Judge said.
“It just never really went into a serious discussion.”