I live in a city of approximately 300 000 (in Europe), and I feel like I’ve seen the same happening here with B&M stores gradually over the past decade. It started with shops moving from the downtown area to new suburban malls, but now even the malls have tons of empty spaces. Downtown is catering more to tourists, with restaurants and bars taking over previous retail spaces. Since the pandemic two of the oldest department stores have been converted into hotels. As far as shopping I feel like it’s the same handful of fast fashion chain stores everywhere (and not even good ones). There are a few independent boutiques left, and some Scandinavian brands like Ganni, Samsøe, Holzweiler, etc have their own stores still, but there is definitely a decline in general. And a definite yes in regards to low stock. And apart from some of the independent boutiques service is pretty much non existent now. The positive is that quite a few new second hand and vintage shops have opened recently, after most had all but disappeared over the past decade.
The decline makes me sad, even though my health now prevents me from regular B&M shopping trips so I am part of the problem, but I feel like I am less stylish because of online shopping, even though there is technically more choice. I take fewer risks because of the hassle of returns, and there is less chance of stumbling across those serendipitous gems because you never even know you are looking for them.
I think it’s a vicious cycle where online shopping makes B&M stores suffer and pushes out the smaller businesses. Only the largest/richest chains remain which makes the selection available pretty boring, which again makes people turn online even more for variety. I don't know if it's possible to get off that carousel but I wish we could.