The traditional mom and pop bike shops have gotten squeezed out of the market by direct to consumer brands. Lots and lots of innovative brands are selling direct to consumer now. YT, Fezzari, Canyon, Commencal, Diamondback, Evil, Intense, Guerrilla Gravity, Spot on the mtb side deal primarily with consumers directly. Then there are the many dozens of direct to consumer electric bike brands. These are the two largest segments of the bicycling industry and both sell directly to consumer in increasing numbers.
The super low cost of Chinese manufacturing and the universality of internet sales have opened up the market in ways inconceivable a decade or two ago. This is obviously very disruptive to traditional retailing, but the strongest and most innovative will survive.
That is, until the inevitable(?) shakeout of smaller companies and consolidation into huge mega corporations. Of course, they will eventually stagnate, leaving room for a new round of small upstarts who are innovative and imaginative.