The rearrange shop feature is definitely available!
To enter the store rearrange page, you can follow the following steps
1. Click on Sell->Manage Store
2. Click on the Store Settings link located the right side of the page.
3. Click on Arrange Store Items link in the accordion tab.
4. Click on the Custom Arrangement link, and you will be redirected to the store arrangement page.
5. Within the store arrangement page, drag item from the top and drop it to the bottom section of the page in the sequence that you would like the product items to appear.
6. You can drag more than 20 items to the bottom section and item in the position more than 20 will appear in page 2, and item in the position more than 40 will appear in page 3.
7. After completing the drag and drop, click on Save.
Visit your store and refresh your store page by pressing F5 to fetch the latest copy of your store page. The items should in the sequence as you have arranged them.
Besides using the store rearrange feature, you can also use store section to group similar items to different section so that it is easier for buyer to browse your items by categories.
Do try out the steps above and let us know if it works.