I do not disagree that income inequality, housing costs, weak local economies, and the erosion of discretionary spending make it harder to sell expensive recreational products. I have been making that argument for a while, and it fits directly into the “barbell hypothesis.” That said, invoking homelessness, smartphone addiction, Strava, cul-de-sacs, and the broader failures of capitalism does not demonstrate that independent bike shops are unbankable or that cycling culture is broadly collapsing. This conversation has taken a relatively narrow discussion about dealer economics and expanded it into a sweeping cultural diagnosis that is difficult to respond to directly, though...