The cycle business was never that profitable; the newer business models being employed by CRC, Wiggle, Evans etc are more efficient than the nice happy friendly LBS model.
You are trying to compare apples and oranges and doing it to make a trite point. I get your point, but comparing mail order to LBS isn’t the same for groceries and other fast moving consumer goods. Last time I checked, the biggest threat to the high street butcher wasn’t a mail order butcher. Same goes for the friendly neighbourhood baker.
If you want to make a like for like comparison, talk about chains of stores compared to single businesses – like Evans (except Evans tend not to build on green field sites and don’t own land to prevent rivals setting up shop). Evans still have shop fronts and high street presence but have the buying power of a large chain. They can spank the indies on price every time, but fail on service and knowledge (usually).
If you want to argue the difference between consumable logistics and the rest, please continue. I hate it when you weasely word things and fail to make a cohesive argument.