A few settings that are worth noting:

Short name - this appears as the description of the location when viewing product records or other functions of the system where you need to choose a store.

Code - typically an abbreviation of the store name/location.  This may show in some reports or used for integration purposes.  With customization, it could also show on a receipt.

Full name - this appears on the store's receipt typically.

Is Region - if this is enabled the number of choices you have to configure this goes down dramatically.  Creates a group that you can place locations inside, for example, north stores, south stores, etc. 

Address, Phone Number - Receipt Templates look at this information, so if the store moves to a new location, or you get a new phone number, you want to change it here.

Time zone - this is used to determine what time sales occur at the store at (specifically helpful when a retailer has stores across multiple time zones).  Note that Cloud Retailer stores the time zone data though fundamentally all sales are recorded in UTC time.

The location map - in order to use this, you need to drag the dot on the map to the specific location where the store exists.  If you hit the "Retrieve location address from the map" it will take the location of that dot and populate the store's address.  This mapping data is used at the POS if you check the quantity of a product at other locations, stores closest to the current store will show higher in the search results.  Additionally, if you print a map at the POS for a user to drive to the other store it will use this data to generate directions.

Regions - if you have regions setup this is where you would choose which region a store belongs to.  This impacts how it may be managed (slightly) from inside the product record and various other functions of the system.

Copy Product Data from: if you're creating a new store or updating an existing location you can choose to copy all settings as it relates to products to this new location.

Inventory - you can configure max costs and quantities for purchase orders and transfers here.  This is meant to reduce human error when entering this data into the system to stop a user from entering more than a given value.  This is a per store setting as warehouses may need different rules than store locations.