While I frequently argue with Mr. Chance, and he's made it clear he thinks I'm a special kind of stupid, what he's outlining is just basic economics.  There's already pressure to buy online given cheap shipping and wider selection along with the lower costs.  Yes, people will still eat out and buy knik-nacks downtown, but it's going to make it harder for Lowe's or AIH to stock a $1200 generator, or for stores to sell expensive clothes.  They'll be counting more and more on impulse buyers and less on people shopping local.
A couple of % won't matter much if it stays there, but at 5 and above, it will hurt local businesses and that means hurting local jobs.