Multiple magento stores on single domain

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I'm setting up a website that has a retail store and a wholesalers store. The products in each are different so its not just a matter of adjusting pricing for user types. I need to have the wholesale section password protected so its only available to logged in users. I'm using a module to achieve this but it only works at a store level hence the need for two stores rather than just separate categories.

My directory structure is as follows:

www.mysite.com - wordpress install for current CMS pages and blog etc
www.mysite.com/store - magento install

I want www.mysite.com/store/retail & www.mysite.com/store/wholesale as the two shops.

So my question - firstly does this sound like <strike>the right</strike> a reasonable approach to achieve this.

Secondly - still trying to get my head around the website/store/view system but am I correct in that I need the one website, and two stores with a view for each. Does anyone know of a good tutorial for doing this sort of setup, I've found a few but mostly they're for setting up different domains to the same install.

Thanks for any advise.