If you go as per the advice of pet shops, they'll also make you keep a Great Dane in a 2 BHK flat. They have to sell puppies, how the puppy will be raised, where he's goona be kept, what it's gonna eat, etc etc is not their headache. Even if you buy from an ordinary breeder, they also have sale in their mind.
At the same time, there are some exceptions. I know a pet shop in Karol bagh who reprimanded a dog owner just because the owner was not getting her puppy vaccinated in time. A know a breeder in Dheradun who gave up breeding of Rottweillers just because he was not able to find suitable owners for the breed. He's now breeding Cavalier Charles Spaniel. These are few to be named.
It's good you're keeping a Labrador for yourself. But you have to consider few things very seriously. First of all, I'll talk about a general tendency among pet owners. If you are a kind of person who's inactive in the sense you don't like to wake up early in the morning, prefer to use vehicles for covering a small distance, then Labrador or any other medium-large breed dog is not suitable for you. Labrador is extremly not "pretty" active dog. They tend to have excess of energy and you have to exhaust this excess by taking him for walks regularly, daily. My Labrador is so active that even after being walked for 40 minutes, he asks me to play a tug toy with him just after 5 minutes! If you don't take him for walks, don't exercise well, they'll really whoop your ass. I've heard so many owners complaining their dogs bark relentlessly, chew their furnitures, bite thier kids and what not. The root of the problem is the exercise requirement of these dogs are not properly met. Most of us simply don't have time to take our dogs for exercise so we leave them in the hands our our servants who themselves are live skeletons. They take them out for walk, one the dog has peed, they'll take them back home and we say we take our dog for daily walks!
The saying that show quality puppy learns more quickly than a pet quality is a crap and I don't believe in it. I have an ordinary pet quality Labrador puppy who picked up potty training in a matter of 2 days from the day he was brought, learned to shake hands in a weeks or so, learned to fetch toys and bring it back in one day. Learned to sit, come , stay and 'leave it" in 2 month time.At the same time, my friend's Labrador who belongs of Finish parents and is of "so -called show quality is 9 month old and he has not even learned to drink water from his own bowl! He goes to the toilet room and drinks water in the toilet pot! Now tell me, what difference does it make??
The bottomline is it doesn't matter wheather you keep a show or a pet quality dog, how trainable he'll become depends on the one who's the handler not on the quality.