While the overall economy seems to be avoiding a recession, somebody forgot to let the bike industry know. I was able to recently buy Shimano parts on sale at multiple retailers on sales, which almost never happens. QBP is shutting down All City Cycles, and Wiggle is bankrupt. Locally in Chicago a few bikes shops have closed as well. The industry is definitely getting over a post-pandemic hangover, but at the same time so many bike brands don’t have compelling offerings that differentiate themselves from market leaders. If all you’re going to do is source carbon frames from Taiwan, slap a GRX groupset on it, and call it a day, why would I choose you over more established brands? My hope is that once this downturn shakes out we’ll get a new phase of innovation in cycling that moves beyond the glut of carbon endurance/gravel bikes.