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@Velocio
Those prices don't seem cheap at all, but maybe that's just me.
I can get Continental innertubes for £4 already, and factor in that loyalty schemes and almost constant discounts will nearly always remove 10% > 20% off of that price, and you look to be just another store, and not price compelling.
You're right to think that the easiest way to start is with consumables, but you're wrong to think that the prices you've mentioned are any better than what people could already achieve.
It's simple: If you're going to compete based purely on price, then it has to be impossible for someone to hit Google Shopping and immediately find cheaper. And they also can't be able to find cheaper on Wiggle, CRC, Evans, etc when loyalty discounts are factored in.
If you can't compete on price, then compete on niche and specialise in solely stuff for 1 market, but be complete. Accept that you've limited your market.
If you can't compete on niche, compete on service and quality, but accept that your margins will be eroded by the very thing that is your selling point as there is extra effort per transaction.
Or... compete on all three and be Hub Jub.