This video Explains Storage Locations in Odoo 15. One is permitted to build separate warehouses in Odoo and can make adjustments or switch between these stock rooms.
Generally, we have three Location Types.
1) Physical Location
Physical location is the area where one's product is held in hand, it's the warehouse's internal site. Which can also be assigned to the loading and unloading location in a warehouse or shelf etc.
2) Location of Partners
This acts as a physical location, too. This could be seen as the spaces in which you were not the owner but stands between a seller or a customer warehouse.
3) Virtual Location
The Simulated Position is meant to be spaces or areas that do not exist in reality or physical. These places were established to retain the inventory missing or to take in the items making their way to the warehouse.