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I think you are correct that ebooks might solve the backend challenge of opening your own bookstore (stocking enough inventory to be interesting when someone comes to shop). However, I don't know that they do a whole lot to solve the perennial front end challenge - getting people to show up to shop.
Offering a wide inventory isn't interesting any more, or even notable. Amazon and several others have price match policies, so if you start pulling in any traffic at all, I don't think you're going to get to keep a lower price on record. It will be hard to compete with the "click and its on your Kindle" functionality of Amazon, so you'll be competing for the ebook consumers savvy enough to use Calibre or at least knowledgeable enough to load a downloaded file onto their ereader.
I think this hypothetical gets a lot more interesting if you have an interesting take on the question of how to acquire customers.
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