Probably a fairer comparison is to look at margins of other high street retailers, my mate runs a jewellers/goldsmiths, markup, 500% 8O
When we used to sell Vans and the likes the margins were huge in comparison to cycle brands.
Supermarkets using loss leaders is not a comparison as they rely on volume which an LBS just won’t get.
High margin items like tubes make up for making £20 on a pair of pricematched wheels for example.
I was bored a few weeks ago, calculated the cost of keeping my shop doors open, £58k per year not including staff. So I have to make £58k profit before I can take any for mayself.