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Circuit City has a program like that but I don't know any more than they talk about on their television commercial.
You order it online and pick it up at the neighborhood store. Presumably, the online system verifies that the product is in stock at the store in question and that it is "held" until you pick it up.
Sounds clean and simple but its pretty darn impressive when you start thinking about the formidable logistical problems they had to solve in order to offer that service to their customers.
But, to your question, it definitely is possible and at least one merchant is doing it.
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