Yep, it sounds crazy, but I've been thinking about this for quite some time.

Heck. In the beginning you might not even need a store.

Here are some thoughts:
• Start with downloads. Before even leasing any square footage, use services like Musicane to sell downloads of your own or by any other artist from any site you control.
• Move to print on demand. Still without a store space you can use the services of websites like CafePress.com or Lulu.com to create CD's or create an on line store to sell the on demand offerings of others.
• Try drop shipping and work with independents. Some small labels may offer drop shipping as an option that would not require your store to take on large inventory at first and services like CD Baby have started simply by agreeing to peddle the offerings of tons of independent artist on line. The company doesn't do business with major labels so it's as simple as taking a few copies from each independent label and offering them for sale.
• Go bricks and mortar. Once your cash flow justifies it (you'll know when the time is right) try leasing some store space. See recommendation for picking a location in this post on thrift store startup.
• Something old, something new. Fill the shelves of your new storefront with used records, both vinyl and CD, then slowly phase in newer releases perhaps by starting with small independents.

For more ideas, check out my "How to bootstrap a record store start-up" in eleven parts here at BootStrapMe.com.