I don't personally miss the local video store. The technology today is much better, and the selection back then was hit or miss. However, your question reminds me of something I've been thinking about lately, as I've had to order a bunch of stuff from Amazon.
We are losing the local connection. Brick and mortar is deeply wounded, as retailers find it cheaper to warehouse goods and distribute by shipping. The selection is now much better. Prices tend to be much better too. When I was working computer repair in Staples, people would come in to see product and decide on what they want, then go online and find the best deal. All perfectly legal, but no store can sustain itself under that dynamic.
So it's become more impersonal, and people are more isolated. The only compensation is social media, which accordingly is booming.
I'm not that much of a moviegoer anyway, and have never used Netflix. It concerns me that one company can have that much power (I have the same concern with Amazon, and use it only as a last resort). The only movie I've gone to the theater for in several years is Unplanned. I generally buy the DVD, often used on ebay, of films I'm interested in.