> We've seen most retail stores fail to convert from a physical to mixed physical+online format.

For a while, people were sure Barnes and Noble was doomed, but recently they've done a big turnaround, even opening new stores. Anecdotally, the ones I've been to in recent years do seem nicer and more attractive than previously. Maybe there's a lesson in how they were able to stay alive.

B&N hired James Daunt, former CEO of UK's successful Waterstones book stores. He de-corporatised the company, ripping out central control and management-by-metrics and giving managers and talented staff in each store the chance to build a more personal and local experience.

It helps that books have become Veblen lifestyle collectibles for (mostly) younger women, and there are entire subcultures on social media dedicated to promoting the lifestyle.