George, I don't think you will get an accurate assessment for justifying a bait shop strictly on replies here about people buying bait from you in the future.

I believe it will come down to your ability to advertise a new bait shop and tough it out for a couple of years until 1000's of fishermen in your area know where to buy bait.

The biggest factor in my opinion will be location. Preferably some spot, busy intersection along the route to the fishing location. Close to a convenience store or other established businesses.

Your wholesale cost for fishing equipment if you choose to sell fishing gear, will be greater than Wal-Mart's retail prices. I suggest buying your inventory from Wal-Mart and selling it for the same price. You won't make any money off the fishing equipment (rods and reels) but you can compensate by selling other things the public are less likely to compare prices to Walmart. IE: jigs, lures, line, bobbers, minnow buckets, Lady Ga-Ga CD's. You know, stuff we just can't do without when we go fishing.

I'd really give it some serious thought before commiting to such a business. But if you decide to do this in the future, my best to you and good luck.