Actually i was not but misunderstood by the store owner. I would like to know if there are any kind of legal bindings or implications to this notice. Will this notice create any problems for me now or in future in any regard, as i have come to work here recently on a H1B visa.
Well, the obvious legal binding and implication is that you cannot go back to the place you were trespassed from. On the issue of the H1B visa, you need to consult with an immigration attorney.
Personal Injury Lawyer
Consult a local WA immigration attorney - many offer free consultations. Can locate attorney on AVVO under the tab "Find a Lawyer" - If need to retain attorney it is worth the price
This is not intended to be legal advise or as legal representation. I am a California personal injury attorney . Be aware that every state has its own statute of limitations; and statutes & case laws that govern the handling of these matters.
Criminal Defense Attorney
As stated in the other answers, you will need to ask immigration attorneys about the impacts on your visa. As for the notice itself, if you return to the store, then you can be arrested for criminal trespass. Stay away from that store.