Mark--I assume it is Nantahala Outdoor Center (at least that's how the business frequently styles itself in N. C.).
If that is indeed the case, I don't think LRO has much to worry about. Their shop at their headquarter center is tiny and has a very sparse sampling of wares, although I suspect their guide service does well. They certainly have the right geographical location and the fellow who runs it, J. E. B. Hall, grew up in earby Bryson City. He's written a lavishly illustrated book on fishing in North Carolina and he tells me he is planning another. The current one, while beautifully done, does not touch on many of the state's trout streams.
If it isn't the Nantahala Outdoor Center, I don't know.
One thing is sure, I don't think anyone is likely to be able to replicate part of what LRO offers--personable service, knowledge, close proximity to the Park, spacious premises, a forum such as this one, and a vast array of stock.