You could argue that EBay has something like this already, including the ability to search within your location. Its just that the majority of their products are second hand, but there is commercial sellers of new products on there too.
The main impediment to ideas like this are getting the critical mass of users to make it worthwhile for both the buyers and the sellers.
This idea is exactly Ebay Stores with a B&M component and some easy location filtering. Think about it, if you don't have a store anywhere but on the internet, the admin interface is your inventory app.
The main impediment to ideas like this are getting the critical mass of users to make it worthwhile for both the buyers and the sellers.