Alright, a few of my observations.
The bigger Gaming store here (actually has two locations) is focused more on "geek culture" than anything truly gaming - it has a lot of comic books, a fair chunk of board games, much in the way of anime, and all that jazz.
It's also very clean, very tidy, and appeals to a wide variety of customers. In other words, it's not just a gamer mecca.
the other major gaming store is always filled with kids, and is almost a babysitter for preteens playing CCGs. It's also rather dirty, cramped, and disorganized, and very cluttered. However, they do alright (it seems) because they offer discounts on most of their products.
So, were I in your shoes, I would...
1) Focus on comics that can sit on your shelves. Graphic novels are great, because if they don't sell in month 1, you can sell 'em in month 2, whereas monthly comics are a bit harder to sell. I heard there's a trick about figuring out how many comics to sell, but I can't remember it at the moment.
2) RPGs - pick up the obvious sales (4e, Vampire, and probably RIFTS), and then sprinkle in some weirder stuff. If there's other competition, try to focus on a few games that they don't have. If you're the only guy that has Mouse Guard, Aces and Eights, and Battletech, you may seem more "hardcore" and draw in dedicated gamers from other stores... even if all they buy is 4e material!
3) Advertise your ordering policy. I mean it. Simply say something like "We don't have everything here, but we can order it." If you can, throw in a discount - even 5%. While it'll still be cheaper for them on Amazon, if you throw in a discount, they may not notice that.
4) Keep it clean. Dirty, disorganized stores turn away casual shoppers. And while hardcore gamers can be loyal, much of your sales will be because of some passers-by who noticed something nice in your window.
5) Keep the games away from the shoppers. If you're going to have ongoing product demos and the like, put it in a seperate area. I *hate* going into a game store, and bumping shoulders with people engaged in a game while I shop. And if I were just some guy buying comic books and I had to deal with some excited gamers shouting during an exciting scene, I'd probably never come back. Two very well-off game stores I've seen (one here in Vic, and one in Vancouver) follow this approach, and it works well.
6) Be the local dealer. CCGs are great because they're cheap, they're well known, and they'll sell. Plus, they may only be six or seven bucks a pack, which is great for parents (a cheap gift for kids)... and they'll come back every week. These games are great to hold, and they'll bring a fairly steady profit. ANy game that is addictive like that, and aimed towards kids, is probably a good idea, so long as it's cheap. One of the local stores here has something like a subway club card (remember those?) - once you buy eight packs, you get the ninth free. It's a great system for them.
7) Encourage bulk shopping. Sometimes, players want to buy a whole "box" of CCGs, or D&D minis, or whatever. Put a discount on that, and advertise that you'll do this. It'll bring in collectors.
8) Company loyalty. If you give someone a bonus, like a "DM's Edge Card" or something, they will shop there so they can get their 10% bonus, or whatever. A kind of nasty trick I've heard of (not in this industry, but in some others) is to boost your prices by 10%, and then offer a card that reduces your purchase by 10% -and offering the card for free. People get this shiny card, and they feel like they're getting discounts... but they're paying the same amount of money.
I'm not suggesting that, but something along those lines that says "hey, we appreciate your business" is a great idea. If you give them something concrete, in their wallets, they will shop at your place, because they can see a tangible benefit for doing so.
That all being said, I'll give you the number one business tip. The only way for any small business to survive in the wake of Wal-Mart, Amazon, and others. This applies to any industry that deals with customers, from grocery stores to book stores.
9) Customer Service. Unlike the big-box places, you can offer dedicated customer service. If you can instill strong customer service skills in your employees (often through some sort of enticement program and a strong workplace culture), you will win customers. Those large stores have hideous customer service as a rule. In some places, it is so bad that they have actually become famous for it (*cough* future shop *cough*).
They can't help it, for the most part - they pay low wages so they can keep prices low. Meaning the customers have to put up with being treated like crap for the discounts they get. Whereas, at your store, you'll treat the customer well, and the customer winds up paying a bit more because of it.
Seriously - customer service is the ONLY way a small business can compete these days. If you remember your major customers' names, remember details about the other ones, inquire about how they're doing, and know your product base well, you're in the money. If you are likeable, you will attract customers who don't mind paying an extra buck or two for a product.
I'm dead serious about this one. I've worked in customer service for a few years, and I've seen it in action. Customers blatantly saying "I know I can get it cheaper somewhere else, but I just love you guys so much that I come back." I had customers who would shop at our store not because they really wanted a product, but because they felt they hadn't been there in a while, and liked how they felt while shopping there.
If you can pull that off, regardless of the business you are running, you have a shot at competing.
