What do you think are in those 7,700 physical retail spaces today? I’ll bet you at least 1,500 cell phone stores but tough to guess the full distribution.
(This isn’t primarily memetically because screen time replaced home video time. It is primarily because the physical form factor of the space is identical and they both want to be in the same places.)
(And because the healthiest retail locations are the ones with backends to the transaction and cell phone stores are effectively financial institutions for this purpose.)
(Backends here means “you get economics incident to the initial sale”, which some but not all cell phone retailers will receive. Term of art in that industry might be “residuals”; low confidence as this isn’t exactly my thing.)
