I think an acceptable move for you would be to pose this very question--as
you've worded it here--to your local shop.  This will do two things:  First,
it will allow them the chance to clearly spell out what they offer you (if
anything), and second, it will give THEM the realistic picture they likely
need to recognize regarding why they should consider making price
concessions.

Finally, it will let them see you as a conscientious customer who has
understandably limited tolerance of pricing gaps.

If, after doing this, you decide not to purchase locally, they will know
why, and should have no ill feelings toward you--rather just a wake-up call
to reality.  Or...they may come down enough for you to opt for a local
purchase...even if it's not exactly the same.

If they really are local there might be some slight advantage. If they are
Ritz or some other chain - forgeddaboudit, buy from Adorama - better prices,
better service, and they won't try to sell you crap house brands.

There are three kinds of online stores:
* Cheap, helpful and very reliable - B&H, Adorama, KEH. They sell you
what they show you and don't try to shove accessories on you. Prices
are low and service is very reliable.

* Cheaper and reliable service but not helpful - Beachcamera. My cousin
went to the store and they refused to open the box and show the
contents because the shop was crowded with people. The sales guy said
you can pay and take the box. The 300D was $80 cheaper than B&H with
free shipping. Seeing Beachcamera's reputation, we bought the camera
and the box had everything with proper US warranty.

* Cheapest and very UNreliable service - USAPhotonation and lots of
others. Claim to sell the 300D at $450!! As for the service, place the
order to experience it ;)

But local store is physically there. You can compare cameras and in
case of digital cameras, you can take photos and seen the difference.
And for this service, you might be inclined to give business to the
local guy if the difference in price isn't too big.

- Siddhartha

The reason I deal primarily with a local store, besides the fact that the
one I deal with comes much closer to B&H's price, is that I get to handle
the item in question, compare other similar items, discuss relative merits,
and if there's a problem, have someone I can talk to directly to help solve
the problem and get the problem solved on the spot.  If you build up a
relationship with a local store, often you'll find that they'll do some
price matching to keep your business.
I buy from Calumet (formerly North County Camera) in San Diego, they match
B&H's pricing, or at least come very close.  They do keep the same pricing
in store that they have online.
I had a problem upgrading my 20D, took it in and they upgraded it for me.
My wife's cousin bought an Oly E-10, when they were first introduced, that
had a couple of hot/dead pixels.  He took it back to them, they exchanged it
on the spot, instead of him having to send it to an online merchant,
correspond with them about the problem and wait for its replacement to be
shipped.  Since both of us, and my wife, depend on our cameras for at least
some of our income, any amount of time that the cameras are out of service
is critical.
I feel it is worth a reasonable premium to get all of this, but, of course,
only you can decide that for yourself.

  I generally only buy online when the local pro shop doesn't have
the item
in stock, which is not that often.  Being able to handle items, be it
lenses,
bodies, lighting, or bags prevents a lot of purchasing mistakes.  
 Rather than talking to the same person twice, it's more like talking
to
the same four people dozens of times.  People who can tell you their
experiences with various monolights in their own studios.  You may not
know
the name for the little shutter release cover for the back of your F4
but
they do and even know what drawer it's in.  
 The point is, that 10% (my local shop ranges from +10% to -2%
compared to B&H)
pays for the time the sales people take to show you how to assemble a
softbox without damaging any of the struts and to tell you whether a
500W bulb is safe
in a Westcott Box-2.
 If you use their sales samples (which they eventually have to eat or
sell at
a discount) and profit from their advice, when it comes time to pay
you have
to decide who you are.