I can't recommend the Tobacco Corner in Memphis highly enough. It is a great shop and I love going there when I'm in Memphis. If you go, say hello to Ken (the manager) and Eliot Abel (the owner) for me.
There's also a shop downtown (can't remember the name) on 3rd Street just off Madison that is very important historically. William Faulkner and other literary lumanaries used to go there. There's a great coffee shop in there and the woman who runs the coffeee shop makes fantastic cookies and baked goods. You'll find some good tins of vintage tobacco in there.
I used to live not too far from Memphis and the Tobacco Corner was one of the shops I used to go to. The other one was a few blocks East from the TC on Poplar, but I forget the name (left hand side of the road when you drive East). The people at the TC were not very friendly, but they had some good bulk tobacco, mostly renamed McClelland blends. The other shop had a much better selection of tinned tobacco. Being close together, I always used both shops. This was over ten years ago, so things may have changed...
I want to second the comments and opinion of zulucollector. I was in Memphis a few years ago and found the Tobacco Corner. Great shop. Pipe smokers gather there in the late afternoons to smoke. When I return to Memphis, it will be a stop on my itinerary.
There is a shop downtown, I think it is called the Tobacco Bowl, but it is mostly cigars.