This statement from the latest Economist article on consumer power which results from the internet. It sums up the thinking in most companies, that the internet thing was overplayed, and that pyhsical locations/ branches are where its at. That strategy which work in the short term ( 2-3 years) but is not going to win the big long game.

Economist.com | Consumer power

Many firms do not yet seem aware of the revolutionary implications of newly empowered consumers. Too many companies relaxed after the bursting of the dotcom bubble, assuming that the online threat had faded. This was a mistake. It is true that the vast majority of people still go to shops for most purchases (though online sales continue to grow). Before doing that, however, most have used the internet. More than 90% of people aged between 18 and 54 told America’s Online Publishers Association in a survey that they would turn to the internet first for product information. The differences between the virtual and the bricks-and-mortar worlds do not worry consumers. But they should worry companies. Many consumers first encounter a firm through its website, and yet for too many firms, their online presence remains a low priority.