Late to the party on this, but wanted to add what I see around me locally.
There was a Hobbytown in my hometown that went out of business over a year ago. They catered heavily to the R/C crowd. I bought quite a bit of stuff(kits & paint mainly) when it hit 70% off and even then a lot of merchandise was still there on his last day. Ironically, the same spot this HT was in had another hobby shop there back in the late 80s.
Another Hobbytown a few cities over doesn't have much. A handful of kits and just not much of a reason to go there aside from a decent Plastruct & Evergreen selection.
I really can't see any advantage to having a HT franchise, with the royalty to the home office, limited on where you can order your stock from.
It's crazy to think my town of less than 80k people was able to support 4 hobby shops within 10 miles of each other 25 yrs ago. Now all we have is Hobby Lobby and more than 100k people!
If you do a Google search, it seems like HT's are closing up shop fairly often. Whether it's a higher rate than independent LHS, that I don't know.