I agree if you are close to Hancocks or JoAnns don't try to compete with them, remember you're a better shop. You carry better fabrics, books, patterns, tools, instructors and have a better staff.
If you are going to have classes, I hope you have lots of room. One of our LQS has classes but the room is so small that there are 4 students at each table. You have no room to move no place to cut or trim fabric, you get the idea.
Good natural light if possible.
The most important thing is a welcoming staff.
We have a nationally known quilt store about 2 hrs from here, my dh has taken me a couple of times and they don't even act like we exist, he always leaves and waits in the truck.
I like the idea of having a table with chairs to talk and share ideas. Also dh could rest while I shop and spend our (teehehe) money.
Please let us know how your shop is progressing, we would like to see you do very well. Pictures please and progress reports.
Good Luck!!!!!