I think so.
I was really quite optimistic about Hobbycraft's owners taking over Smiths. I thought there was potential to bring it back up to some of what it was by adding stuff like quality craft materials into the larger stores and creating a bit of specialism. However it seems what we actually got was just bare-minimum and classic private equity asset stripping, which will kill the whole thing in due course, no doubt under mountains of debt.
If anyone knows Ormskirk and remembers the old Taylors store (that didn't survive, to be fair) I was kind of envisaging a chain similar to that. It was a bit like Smiths but more premium and with a greater emphasis on art and craft materials to replace the fact that the printed news media is dying off as a thing. And maybe also a greater emphasis on books and good knowledge about them Waterstones style, as the paper book is still very much in vogue, the transition to e-readers hasn't really happened to that great an extent.
In short there's lots that could have been tried but they tried none of it. Even the branding was rubbish bare minimum rather than trying to grow a new brand maybe again based on the Hobbycraft look.