diff --git a/.changeset/nervous-adults-sell.md b/.changeset/nervous-adults-sell.md
new file mode 100644
index 0000000000..a7bad9bda8
--- /dev/null
+++ b/.changeset/nervous-adults-sell.md
@@ -0,0 +1,5 @@
+---
+'svelte': patch
+---
+
+fix: ensure `$store` reads are properly transformed
diff --git a/packages/svelte/src/compiler/phases/3-transform/client/visitors/Program.js b/packages/svelte/src/compiler/phases/3-transform/client/visitors/Program.js
index dc30255a1a..f6fae339aa 100644
--- a/packages/svelte/src/compiler/phases/3-transform/client/visitors/Program.js
+++ b/packages/svelte/src/compiler/phases/3-transform/client/visitors/Program.js
@@ -42,11 +42,11 @@ export function Program(_, context) {
 
 	for (const [name, binding] of context.state.scope.declarations) {
 		if (binding.kind === 'store_sub') {
-			const store = /** @type {Expression} */ (context.visit(b.id(name.slice(1))));
+			const get_store = () => /** @type {Expression} */ (context.visit(b.id(name.slice(1))));
 
 			context.state.transform[name] = {
 				read: b.call,
-				assign: (_, value) => b.call('$.store_set', store, value),
+				assign: (_, value) => b.call('$.store_set', get_store(), value),
 				mutate: (node, mutation) => {
 					// We need to untrack the store read, for consistency with Svelte 4
 					const untracked = b.call('$.untrack', node);
@@ -70,7 +70,7 @@ export function Program(_, context) {
 
 					return b.call(
 						'$.store_mutate',
-						store,
+						get_store(),
 						b.assignment(
 							mutation.operator,
 							/** @type {MemberExpression} */ (