After hours of trying to find a solution, finally able to resolve the issue. For benefit of others, sharing the two steps I performed:
Step 1: Get rid of the license error
a. Login as a Guest account
b. Copy the folder "C:\Users\Guest\Documents\Visual Studio 2012" to "C:\Users\<UserAccount>\Documents"
Result: The license error was gone. Able to start the Store App but it remained at the Splash screen. wsreset.exe showed a different error "windows cannot find ms-windows-store:PurgeCaches make sure you typed the name correctly and then try again"
Step 2: Get rid of the splash screen and be happy
a. Please run the following in a Command Window to re-register the Store app:
powershell -ExecutionPolicy Unrestricted Add-AppxPackage -DisableDevelopmentMode -Register $Env:SystemRoot\WinStore\AppxManifest.xml
Voila, after three months finally saw how the Windows Store looks
Hope it helps you!