A family of Microsoft relational database management systems designed for ease of use.
Ok... some untested air code here, you'll need to test and debug it I'm sure. A couple of things aren't clear: you want a comma-separated-values file, but it apparently only has one field (InventoryID); and I don't know the datatype or contents of the Location field so I'm making some guesses here.
First create an Export Specification for the data you want to export; save it as specInventory say.
Dim db As DAO.Database ' point to the current database
Dim rsLoc As DAO.Recordset ' define a Recordset object for Locations
Dim strSQL As String
Dim qd As DAO.Querydef
Set db = CurrentDb() ' instantiate the database object
Set rs = db.OpenRecordset "SELECT DISTINCT Location FROM yourtable;"
Do Until rs.EOF ' loop through all the locations
strSQL = "SELECT InventoryID, <other fields> FROM yourtable WHERE Location = '" & rs!Location & "'"
' this assumes that Location is a text field which will never contain an apostrophe
Set qd = db.CreateQuerydef("TempExport", strSQL) ' create a Query object to export
DoCmd.TransferText acExportDelim,"specInventory", "TempExport", "C:\SomePath" & rs!Location & ".csv"
rs.MoveNext
Loop
Take a look at the VBA help for TransferText for more options.