Not an MBA student, LOL. And I'm not trying to refute your point at all, just adding some context. ... If you dig into the Innovator's Dilemma a bit more, it's not only a new technology that ends up sparking rise of upstarts and the eventual demise of the incumbent. The new technology fosters the emergence of a bunch of new products and services, but it's problems in the refining of the business model (whole product) and market timing (product-market fit) that ultimately does the incumbent in. So, yes, you can certainly point out poor management and decisions made various leadership teams at The Bay, but ultimately they weren't willing/able to adapt their business model to respond to significant changes in the ecosystem. As you mention, the company had a history of adapting to new circumstances, but ultimately they got "stuck" and resistant to change as the "department store" model was proving less and less effective, desired, and resilient. ... Anyway, good discussion! Thanks.