I realize that this thread is quite dated, but I just came across it, and the subject is very interesting to me, also that you guys all have interest in the old store. Here's some answers/corrections that I hope may still be helpful.
Postwar Man07
You asked when the store was opened. As purely a hardware store it was opened in the late twenties, by Wm. A. Morrison, brother in law to Louis Shur. Morrison lost the enterprise during the great depression, and Lois took it over with the financial help of his mother, Esther Anastacia Shur, also William's mother in law. I don't know exactly when, but early in thirties Louis befreinded Lionel Cowan, and out of that friendship he was made a preferred distributor for the Lionel product line.
1688torpedo
You said that when the inventory moved to Michigan it was sold mail order. Bears mentioning that through almost its entire history MH in New York also sold mail order.
Also, the surname Shaw was an affectation, and never legalized. Carl was originally in show business (he was a drummer and worked in several big bands in the 20s-30s, when semitic names were bad business). His birth name was Carl Shur, and he was Louis's brother.
SotaPop
Here's a photo of a loco that Louis had brass plated and put on display in the store. Some of you oldtimers may remember seeing it. After his death his nephew Larry Morrison put it up for auction. I don't recall which auction house, but it's a prominent one for this kind of stuff, and the $69K that it brought was the highest price ever paid for this class of artifact.

Train Memories & msacco
See my response to Postwar Man07 above.
Train-0
They didn't own the building, they occupied it, for many years, on a lease. At one time (at least) Louis negotiated to buy it, but no satisfactory agreement was ever reached.
cwburfle
The major reason for Louis closing the business is that as he advanced in age, and became a multimillionaire out of this little shop, he became intolerant of the stress, and wanted to retire to Florida like the rest of New York. But in typical Louis Shur fashion he did it his own way, not Miami or Ft.Lauderdale, but Gainesville of all places. He lived there into his 101st year.
Texas Pete
Thanks! You gave me a laugh.