Around 1:41 p.m., crews with Lower Currituck County Fire Department arrived to see smoke coming from the gift shop's roof.
Crews were still on scene of the fire until around 8. p.m, Currituck County Fire Chief Ralph Melton said.
The Cotton Gin, located at 6957 Caratoke Highway, sold gifts beachware and souveniers in the outer banks since 1929, according to its website.
No one was injured and there is no word on what started the fire.