My mother-in-law did just that and is doing fine, thank you very much. May not be the world-beating "money in it" as you define it, but for the small business she's running it's viable.
Would it shock you to know these topics have already come up in the family, and have since day one? Or that she herself is an Amazon customer?
Somehow, she still finds a way to sell books and make some money, as well as highlight local authors and sell trail guides. The Barnes & Noble down the road, to be frank, seems to be her bigger headache.
There's no money in it, because Amazon has such as HUGE advantage in mindshare, pricing and delivery that you can't compete.
Does a book store have a network effect? No. But it's hard to sell something for more than the dominant competitor without a compelling reason.