I just visited a bike 'store' for a consultation on a problem I'm having. They have a few new bikes on display and an adjustable stand with easy adjustments for seat height, seatpost setback, ST angle, distance between seat and bars, etc., etc. ,etc.. Their business is bike fitting, bike service, and bike/parts sale. But the bike sale is based on a consultation and some time on the adjustable stand. The guy said once he can dial in a fit, he can match a rider to a bike. Then, if he makes the sale, he orders and sets up the bike. Bikes start at about $1,000. He generally sells $2k-$4k bikes, but can go much higher.
His take is that the B & M bike business lies with the chains and boutiques. I think I'm convinced.