Very insightful thanks for sharing. I would say that if AirBnb is still the market leader in 10-20 years it's because we underestimated the power of a trusted brand.
People LOVED Sears for a century and then when someone offered the same products some where else for cheaper in a snazzier space, Sears went down the tubes.
People thought Target was a great experience, but then free 2-day shipping and a lower price from the comfort of your home for the same products came along and now Target is struggling.
Nobody pays a more for a ticket on Priceline.com if they know they can get it cheaper on Expedia.com.
If Airbnb, owned the homes and thereby owned the experience, they'd be able to build brand loyalty. But they don't own any of those things.
Being a retailer does not make you impervious, in fact it makes you more vulnerable IMO.
How many products can you name that are more than >50 years old? How many retailers can you name that are >50 years old?
As for Urban Outfitters, their net sales are more than triple what they were ten years ago. They don't see 30% year-on-year growth anymore, but they haven't seen a decline.
URBN is down 40% from their high stock price and analyst estimates are bad. That's the thing about retail your sales could be good, but your long term outlook bad. See my original comment about wall street hating retail.
Look at Target, they're killing it right now, but wall street still shits on their stock price.