These days, she has also walked around many places near the pedestrian street again and talked with quite a few physical store owners.

Let me say this first: if you want to ask the boss for advice or experience, it's best to buy something first, then ask questions.
Others have already worked hard to run their stores, so don't come in and just take up their time for free.
The most obvious feeling from the conversations is:
It's really hard for physical stores now.
Many owners are not lazy, nor is their product not good, but the willingness to spend has clearly weakened.
Some places have rows of shops that are basically closed.
An uncle said very straightforwardly:
If they can earn enough to cover the rent, these stores wouldn't close.
That sentence is quite piercing.
Now, the main revenue for many physical stores mainly depends on holidays.
During normal days, foot traffic is insufficient, and spending is weak; many stalls are even closed most of the time, only opening during holidays.
Because only on those days can there be overflow sales.
At the same time, I think about the recent layoffs at major internet companies, the AI wave eliminating many jobs, and whether the lost consumption capacity in society will flow downstream.
In what form will that happen?
Physical stores are indeed too difficult.