A college bookstore obviously needs to be near the actual college that you are going to be targeting and cannot be looking to get the benefits of both worlds. You need to choose what market you are actually targeting and fulfilling those needs by being nearby. Students are ultimately going to go to that place which is nearest and not furthest away to save on time and transportation costs.
Inventory is probably the biggest factor in running a successful college bookstore. This cannot be done by knowing which type of students study in the college you are targeting. Go to the college and find out which books are most known and wanted by students and in return, you can fill your inventory based on which semesters are currently running and what books are in demand at specific periods of the year.
Students always look for a place where they can relax from a stressful day of study and grab a cup of coffee with friends. Having a separate area for drinks and relaxing chairs and sofas is a great addition that every college bookstore should have. Also, a few computers with internet access would be a great facility to have overall along with Wi-Fi access for those that bring their own laptops, tablets and cell phones to use the internet.
The timings of your bookstore should be as such that students can come in easily whenever they get time. That is usually during midday and at night time after they are free from classes. This will allow you college bookstore to run more than ever compared to those that open up earlier in the morning and shut down before nightfall. Design your college bookstore in such a way that students have easy access and can come it at anytime with everything they need available and ready to go because time is of the importance.