After doing accounting work for several very successful bait shops during the last 30+ years, I could probably write a book on the subject. Might do it some day.
Like all businesses, the proper management can bring good profitable results. While big box stores may take away some of the customer base, the small mom and pop shops offer personal services that they can't. Internet stores also take a bite out of the sales figures for types of merchandise. But, if an owner is in tune with his/her customer base, you can stock the things that local sportsmen are willing to buy from you.
David, if you are interested in looking into this venture further, you are going to want to find a good accountant that can help you work through a potential sellers records to see if the business is viable. You should work out a complete business plan that will provide you with a roadmap to success.
I would also suggest that it might be worth the cost to hire a buyer's broker to help in your search of businesses that may be for sale. You must realize that if you deal with a regular real estate agent, they are contractually obligated to work for the seller, and not you. If you decide to go into this further, I would suggest that you move slowly and study this in depth.
I am currently working with a long time client who recently opened a sporting goods store in my area. Times are tough economy wise, but they are making ends meet. Their investment in inventory alone was close to $200,000 on top of furniture, fixtures, and equipment. Add to that, the cost of real estate. Unless you have fairly deep pockets, you are going to need seller or bank financing. Bank financing is tough right now but not impossible, and it is normally cheaper than seller financing. If you are going to need financial help, you are going to need rock solid cash flow projections that will need to be based on the seller's historical records. This is another good reason to find an accountant that has a background working with these types of businesses. Did I mention that you are going to also want a "Line of Credit" to draw from and payoff as you transition from one season to the next?
Finally, you're going to need to find a lawyer who will help protect you from the legal trappings of owning your own business.
Go slow, don't jump at anything too fast, and make sure you can afford what you are looking at. Good luck. I'm not really in a position to take on a fulltime project across Lake Michigan, but if I can help, please feel free to pm me.