I don't really have a great LFS near me, I have a good one, with knowledgeable staff and they are about the livestock. I grab my food, salt and livestock from there. Red Sea Testkit was competitively priced so I got that there to.
If I was to open my own LFS. It would have a front section, that is an aquarium gallery and is also a cafe. With various example tanks, with information leaflets about the livestock, setup time, cycling time, approx costs and when those costs occur. What sort of maintenance regime the tank needs, and how much time it takes. Have all sorts of tanks, Freshwater Betta, Cichlids, community. Salt FOWLR, Mixed reef etc. Spot the fish/colouring papers and crayons for the kids etc. Behind the gallery/cafe, or accessed via a 2nd entrance is the actual normal fish store.
The cafe gallery works in 2 ways. 1) is a cafe with a unique selling point, therefore adding another source of revenue for the store. 2) Educates the public on what they can do with a home aquarium. It'll hopefully spark interest in the hobby that they had no idea how wonderful and varied it could be.
Just need to get my current business working and stable for me to seriously think about doing it.