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Howard
Mikenetic
I have some experience of this, having worked as the primary mechanic in a small higher-end London independent for a while.
Well before that, the more progressive shops could see which way the wind was blowing. One quote that stuck with me before I got inside the industry was "The last thing an independent bike shop should do is sell bikes." It ties up so much capital and floor space it's ridiculous.
The money is in service, and if you can avoid being too generic, certain product lines. The quality of your mechanics and your advice really matters. You need to build a dedicated following, who then become less price-sensitive because they are loyal to what you do, and who you are.
We stocked a very limited range of components, but all of it had been ridden extensively by people in the club we also ran, so we knew the pros and cons of it all, and could recommend accordingly. We were very honest and free with advice, and also didn't price match online (we did sometimes discount) - because we had a central London premises to pay for.
Fundamentally, you need to find a niche, and serve it very well, with real focus. That's what (IMO) Condor have done. They know their type of customer well, and are organised accordingly.