Creating subpages for each custom post type

Yes, setting the hierarchical option to true when you register the custom post type will mean each of your “shop pages” can have child “shop pages.” So you could have

example.com/shop/shop-name/
example.com/shop/shop-name/hours/
example.com/shop/shop-name/contact/

etc.

I believe ACF has a simple toggle to enable the hierarchical option. If you were registering it in code, you would just set that to true.

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