diff --git a/packages/data/src/namespace-store/index.js b/packages/data/src/namespace-store/index.js
index 73e6560baf8e9..ae08c4e75c42c 100644
--- a/packages/data/src/namespace-store/index.js
+++ b/packages/data/src/namespace-store/index.js
@@ -78,9 +78,8 @@ export default function createNamespace( key, options, registry ) {
 			const state = store.__unstableOriginalGetState();
 			const hasChanged = state !== lastState;
 			lastState = state;
-
 			if ( hasChanged ) {
-				listener();
+				listener( key );
 			}
 		} );
 	};
diff --git a/packages/data/src/registry.js b/packages/data/src/registry.js
index 15f02180c7b85..6b15dbc872ca8 100644
--- a/packages/data/src/registry.js
+++ b/packages/data/src/registry.js
@@ -2,8 +2,8 @@
  * External dependencies
  */
 import {
-	without,
 	mapValues,
+	castArray,
 } from 'lodash';
 
 /**
@@ -41,27 +41,44 @@ import createCoreDataStore from './store';
  */
 export function createRegistry( storeConfigs = {}, parent = null ) {
 	const stores = {};
-	let listeners = [];
+	const listeners = new Map();
 
 	/**
 	 * Global listener called for each store's update.
+	 *
+	 * @param {string} storeKey
 	 */
-	function globalListener() {
-		listeners.forEach( ( listener ) => listener() );
+	function globalListener( storeKey ) {
+		// Need to convert Map to array here because iterating through  the Map
+		// iterator will pick up any nested subscriptions added DURING iteration.
+		// So this captures the snapshot of the contents of the map before
+		// iterating.
+		const current = Array.from( listeners.entries() );
+		for ( const [ dependencies, listener ] of current ) {
+			if ( dependencies.length === 0 || dependencies.indexOf( storeKey ) > -1 ) {
+				listener();
+			}
+		}
 	}
 
 	/**
 	 * Subscribe to changes to any data.
 	 *
-	 * @param {Function}   listener Listener function.
+	 * @param {Function}   listener          Listener function.
+	 * @param {Array}      storeDependencies If included, the listener will only
+	 *                                       be invoked when a store in this array
+	 *                                       has a state change.
 	 *
 	 * @return {Function}           Unsubscribe function.
 	 */
-	const subscribe = ( listener ) => {
-		listeners.push( listener );
+	const subscribe = ( listener, storeDependencies ) => {
+		storeDependencies = typeof storeDependencies !== 'undefined' ?
+			castArray( storeDependencies ) :
+			[];
+		listeners.set( storeDependencies, listener );
 
 		return () => {
-			listeners = without( listeners, listener );
+			listeners.delete( storeDependencies );
 		};
 	};
 
diff --git a/packages/data/src/test/registry.js b/packages/data/src/test/registry.js
index 57b8789e7095c..a4fb9fed8eeeb 100644
--- a/packages/data/src/test/registry.js
+++ b/packages/data/src/test/registry.js
@@ -494,6 +494,27 @@ describe( 'createRegistry', () => {
 			expect( incrementedValue ).toBe( 3 );
 		} );
 
+		it( 'only calls listeners registered to the specific store', () => {
+			const store1 = registry.registerStore( 'store1', {
+				reducer: ( state ) => state + 1,
+			} );
+			const store2 = registry.registerStore( 'store2', {
+				reducer: ( state ) => state + 1,
+			} );
+
+			const action = { type: 'dummy' };
+
+			const subscription1 = jest.fn();
+			const subscription2 = jest.fn();
+			registry.subscribe( subscription1, [ 'store1' ] );
+			registry.subscribe( subscription2, [ 'store2' ] );
+
+			store1.dispatch( action );
+			store2.dispatch( action );
+			expect( subscription1 ).toHaveBeenCalledTimes( 1 );
+			expect( subscription2 ).toHaveBeenCalledTimes( 1 );
+		} );
+
 		it( 'snapshots listeners on change, avoiding a later listener if subscribed during earlier callback', () => {
 			const store = registry.registerStore( 'myAwesomeReducer', {
 				reducer: ( state = 0 ) => state + 1,
@@ -506,7 +527,6 @@ describe( 'createRegistry', () => {
 			subscribeWithUnsubscribe( firstListener );
 
 			store.dispatch( { type: 'dummy' } );
-
 			expect( secondListener ).not.toHaveBeenCalled();
 		} );