Can a bike shop stay in business?

I'm often amazed at the bike shops that stay in business. You have to be a smart, savvy, and an ever-changing business person to do it well.

Below is a screen shot (maybe an actual "photo-copy") from a 1990 Bridgestone catalog (a now defunct bike brand). It all holds true today though, and maybe has gotten worse with the introduction of the internet.

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