I didn't know that I can register a taxonomy for more than 1 CPT/post type!
register_taxonomy( 'location', array( 'offer', 'store' ), array(
'label' => __( 'Location', 'themeify' ),
'hierarchical' => true,
'labels' => array(
'name' => __( 'Location', 'themeify' ),
'singular_name' => __( 'Location', 'themeify' ),
'menu_name' => __( 'Location', 'themeify' ),
'all_items' => __( 'All Locations', 'themeify' ),
'edit_item' => __( 'Edit Location', 'themeify' ),
'view_item' => __( 'View Location', 'themeify' ),
'update_item' => __( 'Update Location', 'themeify' ),
'add_new_item' => __( 'Add New Location', 'themeify' ),
'new_item_name' => __( 'New Location Name', 'themeify' ),
'parent_item' => __( 'Parent Location', 'themeify' ),
'parent_item_colon' => __( 'Parent Location:', 'themeify' ),
'search_items' => __( 'Search Locations', 'themeify' ),
'popular_items' => __( 'Popular Locations', 'themeify' ),
'separate_items_with_commas' => __( 'Separate locations with commas', 'themeify' ),
'add_or_remove_items' => __( 'Add or remove locations', 'themeify' ),
'choose_from_most_used' => __( 'Choose from the most used locations', 'themeify' ),
'not_found' => __( 'No locations found', 'themeify' ),
)
) );
I added the array with the custom post type 'offer' and 'store'.
Now, when I add a location to this taxonomy, it updates within BOTH offers and store :) No duplication of locations :D