So on the contact page, there is the address, general email, phone number, and a contact form.
How can I add my store location's hours?
The contact page is nothing whatsoever to do with VirtueMart. It is generated by the Joomla contact component so supported on the Joomla forum.
For ways to extend contact see http://extensions.joomla.org/search?q=extended+contact&q=contact