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Interesting link. I skimmed it, but will dig into it fully later on.
My first impressions are that a few things pop out: emphasis on experience/service, knowledgeable staff, and making a physical store a place you want to go (and spend $$). But in a way that makes sense for what readers want.
I think B&N in the US has drifted afield from this understanding. That, along with strong price competition from online retailers, is weakening their position. They seem too focused on marketing/selling to everyone, instead of building an identity and core around raving fans of reading culture. Then expanding it to be a lifestyle brand that many people want.
I call this the "Apple" model. Love 'em or loathe 'em, they have built a successful business model by starting with a niche of devotees, popularizing it to the point that being a "Mac" or "PC" person was a thing, and then becoming a real presence and identity in the marketplace.
I don't know if this type of transformation is possible for B&N or any bookstore, but it would be interesting to see some attempts at rethinking the "typical" bookstore.
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