That was Jim Babjak, guitarist (not bassist) for the Smithereens and he owned Flamin' Groovies, the record part of the store - he shared the space with an old friend of mine from back on those days, Ethan Stein, who owned Captain Video (sadly he committed suicide several years later, jumping from the top of one of the River Dorms). I probably saw the Smithereens at least 30 times at the Court Tavern in the mid-80s, before they hit it relatively big and became friendly with the guys in the band - very cool guys, especially Jim. They're still playing concerts (link below).
I just attended a local benefit concert in Metuchen a couple of weeks ago (one of my best friends is best friends with Jim - they record music together) to raise money for his wife, who has stage 4 pancreatic cancer. Was a great night of music by local artists (including the slightly famous Grip Weeds from the NB area, who get airplay on the Underground Garage and the Loft on SiriusXM). Believe it or not, being a Smithereen did not make him filthy rich and they've been raising funds via a gofundme page, linked below.
http://officialsmithereens.com/4495/help-jim-betty-babjak-cancer-fund/