Happy 20th birthday, Amazon.com, Inc. (NASDAQ:AMZN), and congratulations to investors who were lucky enough to capture any part of the 49,000% return AMZN stock has dished out since its inception. That journey was an interesting one, to be sure, and at times it was perilous. But, the company’s success can’t be denied.

A lot has happened during that time, too. While Amazon has grown, with the exception of Wal-Mart Stores Inc (NYSE:WMT) it’s pretty clear other retailers have shrunk thanks to the lower prices and greater assortment of products Amazon offers. Even Wal-Mart has felt a headwind.

With 20 years of subjective evidence to look back on, however — through the lens of my unique perspective — I can honestly say that Amazon’s role in the demise of retailing as we know it was smaller than the role those retailers played for themselves in their demise.

From a Unique Perspective

To illustrate that my opinion is not an unqualified one, prior to starting my career in the investment world, I was in retail. I held management positions with Mercantile Stores prior to its acquisition by Dillard’s, Inc. (NYSE:DDS) in 1998, and I held a position with Saks, which has since become part of the Hudson Bay family.

That was back before e-commerce was a thing… some would say the golden age of retailing. Customer service was the primary weapon of choice, yet tasteful-but-competitive pricing played a big part of the in-store mindset.

And, as a guy who spent some time on the front lines before going into a brick-and-mortar store turned into a miserable experience, I can honestly say the deterioration of the customer experience is the root reason Amazon has thrived and AMZN stock has mustered a quintuple-digit gain in two decades.

Remember When?

Anyone over the age of 50 (which isn’t me, yet, but it’s close) will likely recall a time when you could visit a home goods store and smell bread baking just to draw a crowd to that retailer’s breadmakers. Indeed, most of the hottest merchandise bought in a box was generally on display out of its box for all retailers, where a would-be buyer could really get a feel for what he or she was curious about. And, anyone 50 or older remembers a time when store employees would look you in the eye and at least muster a modicum of interest in offering some sort of service to the patron. Most stores encouraged their sales crews to make a point of delighting their customers.

Perhaps more than anything though, consumers were willing to fight traffic and a crowded mall not to make a specific purchase, but to see what new merchandise was available since their last visit.

In other words, there was a time when shopping was something of a social adventure, even if nothing was purchased. Now, however, it’s just a miserable (and often boring) experience.

Part of that is unavoidable. The internet has largely made it clear what’s on a store’s shelves or racks. The other part, though — the pleasant people part — is an area where most retailer’s have dropped the ball. It’s simply not acceptable for a service employee to be conducting personal business via text on their smartphone while “on the clock,” yet it happens on a rather regular basis. In that same vein, palpable contempt for customers, rather than a genuine interest in assisting them, has become the new norm for too many shopping venues.

In this regard I’m sympathetic to retailers, as replacement employees dismissed for attitude problems are often replaced by someone no more attentive. Nevertheless, this makes it tough to remain a faithful patron of a store.

In simpler terms, shoppers didn’t give up on brick-and-mortar retailing and flock to Amazon for an enjoyable experience — consumers are always up for a diversion. Brick-and-mortar retailers gave up on shoppers.

Looking Ahead for AMZN

I’ve said it before and I’ll say it again: There will come a time when other retailers finally figure out how to compete with Amazon.

To be fair, there are exceptions to the new retailing norm. Case in point: Disney Stores, operated (of course) by Walt Disney Co (NYSE:DIS). Anyone who’s been to one of its theme parks and inside one of its mall stores can’t help but see the similarities. At both, customers are revered as guests and employees understand that their role is to provide an almost magical experience.

The point is, it can be done. It’s just that it’s not being done. Most retailers are so busy playing defense they forgot how to play offense. They’ve really forgotten that, when it’s all said and done, employees make or break a customer experience. That’s not to say Amazon has never delivered a bad customer experience. But, it’s a rarity, and not by accident.

Conversely, trying to get that smartphone-distracted sales associate to fix his or her own mistakes at your nearby department store is a lot like pulling your own teeth. And, unfortunately, that’s not a rarity.

Until the rest of the retail world figures this out, AMZN stock is well-positioned to keep moving forward.

As of this writing, James Brumley did not hold a position in any of the aforementioned securities.