I was wondering what is the best way to store this, especially if it isnt going to be drunk in the next week or two?

Unless you're keeping for more than a few months, don't worry too much about it. Just keep it in a relatively cool, dark place, either standing up or on its side. The refrigerator is ideal for short-term storage.

That was kind of what I thought RD, but I was told by a local wine store owner that if its stored in the fridge for more than a few weeks it may go flat, or lose its flavors due to the cold temp. Didnt sound accurate to me. I assume if I am going to cellar it, 55 degrees is fine and then chill it prior to consumption?

That would be ideal.