You can update wine "Location" by opening the detail view for any wine. Click or tap the pencil icon 1). Later you can add Location as one of your columns in "cellar" view if you rely on it a lot. 2).
When viewing a wine record, there's an "Inventory" tab toward the top. You can edit the location from there. The location field is also available to edit when you add or subtract bottles (record a purchase, sale, drink, gift, etc).
After you click on the "Inventory" tab you can edit the "Location" field
If you are managing multiple physical wine cellars, please read our help article for several options.