TLDR: people are cost conscious and cutting out the middle man by going direct to suppliers (or more direct).

I expect management probably didn't do as well as they could have too.

While tech has definitely enabled this shift, it doesn't seem overly relevant, outside of the current doomer views (albeit, it feels, valid views!)

I'm curious to know why you think that. In a sense, I have a feeling we replaced all the middle-men for a single one who controls who and what can be sold and when. But the middle man is there closing whole Venice for personal reasons