-Have lots of cute harness vests.  I find it easy to find "clothes" but not so easy to find the great harness vests like several vendors sell here on this site.  You might even contact a few of them about wholesale.  Leashes to match too!
-I think a really good seller would be to have outfits made up with local high school and/or college colors.  We are fiercely loyal to our local HS Panthers.  Anything with their logo and/or colors would be a sure sell.  I am sure other schools would be the same.  
-Hair clips that really grip fine hair
-Premium dog food -- like Canidae.  I have to order mine online 

  Find out what is not available in your area and become "the" place to get it.  I drove to a nearby town JUST to get some Canidae (over a toll bridge too!).  
-Quality carriers.  I was in a small pet shop the other day and she carried Petflys.  Had a nice display.  I wonder if Celltei wholesales?  I have never seen them in stores.  
-Water bottle stands
-Quality grooming equipment -- like the CC brushes and combs, Wahl Peanut for trims, Good Andis Clippers, etc.
-Quality pet grooming products -- like Coat Handler, Plush Puppy -- not just the shampoo and conditioner but also products like the Swishy Coat and Topknot Gel. 
-Unique dog beds.  I am still looking for one like my DIL bought at a Walmart last year.  Looked like a little couch and the seat folded out to have a larger area for play.  I have looked at every Walmart we've seen but they must have been a one time deal.  Just an example, but I'd look for unique ones that can't be found easily.
-A section for the dog lovers too.  I have seen cute purses with dog breeds on them, T-shirts of course, but small items like wallets, checkbook covers, coffee cups, keychains might be good.  
-Gift baskets for pets.  Premade gifts sets packaged pretty in a basket or water bowl, or pet frisbee, and gathered under cellophane with ribbon.  
-Don't foget the bobos!  

  And some great home made treats.   
I don't ask for much do I?  LOL!  We really do not have any pet boutiques around here.  I think it would be an excellent idea.  Petsmart is okay -- but a more personal and unique store would be FANTASTIC!  Good luck on your venture -- lucky Texas folks!