The coffee bar, which is due to open on 8 July, will operate in partnership with the charity's existing shop in the town.
The combined shop will be both the first coffee bar and the first specialist bookshop the charity has operated in the UK. It will also be Cumbria's first Fairtrade café.
"This is a hugely exciting venture for Save the Children," said Mark Knowles, Save the Children's retail manager for Cumbria. "The area is famed for its links with literature and poetry, and we feel it is the perfect base."
The charity is appealing for volunteers to help with a variety of roles, including pricing books, creating eye-catching window displays and even training as baristas.