Is the following sentence using the word “yet” correctly?

yet ‎(not comparable)
1) (usually with negative) Thus far; up to the present; up to some specified time.
He has never yet been late for an appointment; I’m not yet wise enough to answer that; Have you finished yet?‎
2) Continuously up to the current time; still.
The workers went to the factory early and are striking yet.‎
Addison
facts they had heard while they were yet heathens
3) At some future time; eventually.
The riddle will be solved yet.‎
Shakespeare
He'll be hanged yet.

:from wiktionary.org
your example seems to be a less common usage these days

@Amandaa 12
"We have yet to go to the store" sounds better.
Omitting "yet" from either example does perhaps shade the meaning slightly.

I remember this rule fom school: we use yet in a negative or interrogative clause with meaning that something hasn't been done up to the present time.
According to cambridge dictionary it can be used to indicate action from now and for a particular period of time in the future, like in these examples:
She won't be back for a long time yet.
Our holiday isn't for weeks yet.
If you need more information on this matter visit dictionary.cambridge.org
But i'll suggest using online grammar checkers to find out whether it's right or not: http://www.bestgrammarsoftware.com/

The sentence "We have to go to the store yet" is not quite correct in standard English. Usually, "yet" is used in negative sentences or questions to mean something hasn't happened or isn't true up to now. For example, "We haven't gone to the store yet" or "Have we gone to the store yet?"

In some informal or regional English, especially in parts of the United States, people might use "yet" in positive sentences to mean "still" or "soon." For instance, "I have to finish my homework yet" means "I still need to finish my homework."

But this way of using "yet" is not considered standard and might not be understood by everyone. It's often better to use "still" or rephrase your sentence to make sure your meaning is clear.