Peer round in store (5)

I believe the answer is:

baron

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'peer' is the definition.
(baron is a kind of peer)

'round in store' is the wordplay.
'round' becomes 'o' (round can mean a round object).
'in' is an insertion indicator.
'store' becomes 'barn' (I can't justify this - if you can you should believe this answer much more).
'o' placed inside 'barn' is 'BARON'.

Can you help me to learn more?

(Other definitions for baron that I've seen before include "Aristocratic title" , "Born a (anagram) - powerful man of business" , "Lowest rank of British nobility" , "Minor noble" , "See nobleman" .)

I've seen this clue in The Guardian.

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