I worked in the Fly Shop in the local BPS when it opened here. At first, the local shops were worried about their business, but it soon became apparent that BPS is no threat to the local stores, especially in the area of fly fishing. BPS here is overloaded with trout related gear, and no matter how hard I tried, they wouldn't budge to move to more bass and saltwater gear. I got so frustrated with them that I walked out. When I did that, one of the local shop owners asked me to go back because I sent them so many customers asking for things that BPS didn't have.... LOL
No Cabelas in my state to compare them to, but one of the complaints I used to hear quite often was how high BPS prices are compared to the local shops.