How to store user location
No. Smart IP is solely for IP geolocation, it doesn't not touch storage of user location addresses. 

Depending on your needs, Location (with the User Location submodule) or a combination of GeoField/Address Field on your a profile (you might want to guess the location while letting the user determine what his address) will get your location storage needs.

None of those modules have Smart IP integration so you'll have to build some custom code to add IP geolocation to either of those storage options.