The Location under the Location subtab of the Item record has Configure link instead of Edit & Duplicate.
If the Advanced Item Location Configuration is enabled on the account, user will have the ability to configure the Location on the Item record. The Edit & Duplicate links is usually available beside the Location on the list of Locations.
The Configure link will show Location once a transaction was created using this Location that is not showing in the Item record initially. The Location will now show in the list of Location in the Item record and will require configuration.