Here's a couple more people remembering the store:
http://www.comicon.com/ubb/ubbthreads.php?ubb=showflat&Number=520251
It was small, maybe 10 feet by 15 feet (real estate in Manhattan costs an arm and a leg), but crammed floor to ceiling with comics.
When you'd walk in, all the new comics were on the right hand side of the wall, graphic novels/reprint books were on the left hand side in a big bookcase, and the classic, old 1960s Marvel pin-ups lined the wall up near the ceiling. Back issues were in boxes behind the counter; If you wanted something, you had to ask. You couldn't root through bins, because there simply wasn't any room for them!*OMIT*
I believe that in addition to Lucas being a partial owner Mark Hamil was involved financially as well.
http://boards.collectors-society.com/ubbthreads.php?ubb=showflat&Number=3388413
Some of the art on display there were George's "Flash Gordon" originals.. during the 80s-early 90s, Russ Cochran was George's auction buyer and bid on comic strips and cartoon cels for him. This was at the same time Russ was buying cels for Jacko
*EDIT*
But Ed was always promoting this Star Wars thing in his shop, well in advance of the movie’s release. There was an early poster, one with Darth Vader’s head being the most prominent element and done in advance of the now more famous one of Luke with the upraised light saber. He had copies of the novelization of the film well displayed. And of course when the Marvel Comics adaptation was released, that got sufficient promotional space in the shop.
which lead to this article, also offline:
In addition, I e-mailed my old friend Ed Summer, who was instrumental in the Star Wars comic existing in the first place; he hoped to write something for this issue, but we hadn't received anything by deadline; we plan to run his commentary at a future date.
This is the article which tells the story of Roy Thomas' dinner with Ed and George and later meeting with Lippencott to get the SW comic done.