I talked about this with my local B&M owner. He deals with companies directly when possible, but there is always Ataldis and other major companies that only deal through their distributors.
That being said, he keeps a good variety of sticks in his humidor, and is constanly changing what he orders, based on what his customers are looking for. For instance, he only keeps a few different Gurkhas because they don't move well. And being a smaller shop (not one of the big chains locally), he can't afford to place orders for a few thousand $ of sticks if they are going to sit on his shelves and not sell.
I always buy a couple of sticks when I go in, but I also bring sticks in that I have been gifted or bought online. He dislikes the online stores, not so much because they can beat his prices, but because he says you can't ever be sure how the cigars have been stored in their warehouse.
Bottom line is that I go there for the fellowship of the other cigar smokers who come in and are regulars. There is something about smoking in the company of others, as was mentioned above!