The grocery store owner, named as Van Viet Truong in multiple media reports, was critically injured after he came to the aid of a fellow retail worker trying to stop the group of alleged shoplifters at Sunshine in Melbourne's west on Saturday, police allege.
The 60-year-old was rushed to hospital following the attack but died on Wednesday afternoon, police confirmed on Thursday.
Three boys aged 12, 13 and 15 and two 14-year-old girls were charged with a series of assault-related offences including affray, violent disorder and intentionally causing serious injury.
Charges against the 13-year-old boy have since been withdrawn.
The four other youths were remanded to appear before a children's court at a later date.
Detectives will consider upgrading charges following Mr Truong's death.
The violent assault on Hampshire Road in Sunshine has sparked renewed calls for increased security, tougher penalties and a larger investment in preventative programs from the local community.
"We are determined to urgently elevate our continued advocacy to the state government on the issue of police numbers and community safety in our town centres," Brimbank Council mayor Virginia Tachos said.
"Together, we can all support those most affected by this tragedy and work on solutions to this devastating problem in our community."
Police have been patrolling the western suburbs around-the-clock in response to the attack, Victoria Police acting commander Troy Papworth said.
"Police will be there to provide support and ongoing reassurance as long as it's needed," Mr Papworth said.
Victorian Premier Ben Carroll has called for adult punishments for the group.
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